Thaksin exploring ways of selling a minority stake at City
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Thaksin snub for Thai trial could hamper Hughes' hopes of adding to his Manchester City squad
Manchester City owner Thaksin Shinawatra was back in London last night after refusing to return to Thailand to face trial on corruption charges - further harming his chances of ever releasing £800million of frozen assets in his home country.
With City manager Mark Hughes desperate for funds to strengthen his squad, Thaksin's refusal to head to Bangkok from Beijing yesterday could have drastic knock-on effects for the new Eastlands boss.
It is understood that Thaksin is expected to claim political asylum in England, which is likely to keep him out of jail but will leave his money locked up in Thailand. Thaksin fled to the west when he was first overthrown as Prime Minister two years ago. He returned home last February confident that charges against him would be dropped and his money released.
But the conviction of his wife Potjaman last month sent shock waves through Thailand - and indeed through City - as it became clear the Thai authorities were not prepared to give Thaksin and his family an easy ride.
Thaksin was due to board a flight home last night from Beijing, where he has been with executive chairman Garry Cook, but instead flew to England and he will meet City officials today. Sportsmail revealed last week that Thaksin is exploring ways of selling City and it is now understood that he has held talks with one interested party about selling a minority stake.
However, no progress has been made. With Croatia defender Vedran Corluka's move to Tottenham finally being called off yesterday and Stephen Ireland also remaining at the club, Hughes must now find other ways of raising the money needed to pursue targets such as Blackburn striker Roque Santa Cruz.
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self-pwn....
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when he bought city over, i told everyone that he was wooing the british public in case he was prosecuted in thailand.
DIE MAN SHITTY!!
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They should repatriate him to thailand
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dream over for city. with the money locked in thailand, city can kiss their ambition goodbye.
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MARK HUGHES is ready to quit as the Manchester City crisis spirals out of control. The furious Eastlands boss feels his authority has been undermined after the club tried to force through the sales of Stephen Ireland to Sunderland and Vedran Corluka to Tottenham.
With owner Thaksin Shinawatra facing corruption charges, the club appears to be on the brink of ruin. A City source said: “This is not the dream package sold to Mark.
“The club is falling apart and nobody knows how much longer Shinawatra will hang around. “It feels as though we’re in meltdown and all Mark is trying to do is hang on to everything for the sake of the club. “But if it carries on — and players are sold without his consent — he won’t stand any more. He’ll just walk.”
Cash to spend: Thaksin Shinawatra and his family shopping in Guildford yesterday.
EXCLUSIVE: City in crisis as Shinawatra forced to borrow £2m from ex-chief Wardle just to pay the players
The shocking extent of Thaksin Shinawatra’s financial difficulties at Manchester City can be revealed today as it emerged that only last month he had to borrow £2million from former chairman John Wardle to pay staff wages.
Sportsmail can reveal that Wardle, who resigned in protest at Thaksin’s reign on July 9,was so concerned City staff were not going to be paid that he agreed to loan the club’s owner £2m for the third time in less than a year.
Although Wardle has been repaid and no staff wage payments were missed, it is
clear City are operating on a hand-to-mouth basis each month. There are fears
within the club the problem will soon recur, with Wardle no longer around to bail
Thaksin out.Barclays Premier League chief executive Richard Scudamore is demanding urgent talks with Thaksin, who fled Thailand to avoid facing corruption charges.
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walau, 800 million pounds!!!
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I think that money came from our Temasek Holdings...
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another temasek curse....
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If Thaksin loses this money, Then we can say he sold Shin Corp for practically nothing... lol
If he didn't sell to our THs, then maybe the thai people wouldn't be so angry and he may still be Prime Minister... Oh well...
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good bye!
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i dont think 800million pound is all thaksin has. he has more than that.
mark huges, nobody force u to leave blackburn for city. now u cry foul for selling your best player. its time for you to learn by your boss before signing for city.