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Last Updated: Tuesday, 3 July 2007, 08:35 GMT 09:35 UK
Thaksin close to Man City buy-out
By Phil McNulty
Chief football writer

Thaksin Shinawatra
Thaksin is closing in on the 75% share he needs to take control
Thaksin Shinawatra could complete his Manchester City takeover and install Sven-Goran Eriksson as boss on Wednesday, BBC Sport understands.

City officials are hopeful the former Thailand prime minister will have the 75% share of the club he needs to take control within the next 24 hours.

Former England coach Eriksson will then formally sign the three-year contract he has already agreed in principle.

Thaksin has currently bought up a 65.78% share in the Premiership club.

Earlier in June, he lodged an 81.6m takeover bid for City through his company UK Sports Investments.

The Eastlands board has backed the bid but there have been concerns about the source of the money, with Thaksin facing corruption charges in Thailand.

But the man who brokered the City deal has said "the money is clean".

606: DEBATE
AN

On Sunday, Keith Harris, executive chairman of Seymour Pierce Investment Bank, said the money had been "legitimately and transparently transferred to the UK".

Thaksin will have to pass the Premier League's standard "fit and proper person" test before being able to complete the proposed takeover.

Thai prosecutors recently filed corruption charges against Thaksin.

They have also frozen his assets but Thaksin insisted this would have no effect on his takeover of the club and that the charges were politically motivated by the military installed government that replaced him.

The new shares are believed to be from broadcaster Sky as they are the only major shareholder remaining after Thaksin received a 55.9% stake following pledges from board members and former chairman Francis Lee.

He is now getting nearer to the 75% ownership mark where he can de-list the company and take it into private ownership.

SEE ALSO
Man City Q&A
21 Jun 07 |  Man City
Eriksson set to take Man City job
23 Jun 07 |  Man City
Man City move closer to takeover
04 Jun 07 |  Man City
Thaksin's Man City deal on track
19 Jun 07 |  Man City
Thaksin lodges bid for Man City
21 Jun 07 |  Business
Thailand freezes Thaksin's assets
11 Jun 07 |  Asia-Pacific
Seville to hold Ramos deal talks
05 Jun 07 |  Man City


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