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Mon, June 25, 2007 : Last updated 20:13 pm (Thai local time)



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Home > Headlines > Thaksin's Man City takeover could lead to review





Thaksin's Man City takeover could lead to review

The UK government will look at ways of strengthening English football's powers to regulate foreign ownership of clubs after the game's authorities asked ministers for help in monitoring the recent overseas takeovers, UK media reported Monday.

With Manchester City set to become the sixth Premiership club to fall into foreign hands, Premier League officials have requested more support from Government to investigate the backgrounds of prospective owners, the Telegraph online said.

Thaksin Shinawatra, the billionaire leading an £81.6 million takeover of City, is facing a series of damaging allegations about his business dealings in Thailand as well as criticism over his human rights record when he was that country's prime minister.

Although the League have a fit and proper person test, it is likely that Thaksin would pass this as he is yet to be convicted of a criminal offence.

Even if he were to be found guilty of fraud or tax evasion in Thailand, there are question marks over whether the Premier League would recognise the country's justice system.

With Birmingham, Blackburn and Arsenal also at the centre of takeover speculation involving super-rich foreign businessmen, the League are anxious to strengthen their links with Government departments and agencies with access to information which could help them to explore the backgrounds of new owners.

Ministers have agreed to look into the request and will set up talks with the Premier League, as well as the Football Association and the Football League, to see how they can strengthen those ties.

Sports minister Richard Caborn is expected to announce the talks in response to a parliamentary question on the game's governance in the House of Commons this afternoon.

A Whitehall source said: "The Premier League are not asking for us to pass new laws on foreign ownership. They just want to know how we can help them improve their regulation in this area and to investigate some of these prospective owners' backgrounds."

Earlier Beijing-based Xinhua online reported Thaksin Shinawatra's takeover bid was completely above board.

Keith Harris, the deal's broker, executive chairman of Seymour Pierce Investment Bank, told BBC Five Live's Sportsweek program that the money to buy Man City is "clean."

"It has been legitimately and transparently transferred to the UK," he said.

Earlier this month Thaksin's bank accounts in Thailand were frozen following an investigation into corruption.

Thai government said said Thaksin's latest venture was a "mystery" since Thaksin was required by law to declare all his assets during his time as prime minister.

None of the declarations disclosed any foreign assets, according to the Thai government.

But Harris insisted the charges back in Thailand would have nothing to do with Thaksin's bid for the Premier League club.

"He was the Prime Minister there and was exceptionally popular. He was also a successful businessman," Harris said.

"A number of bank accounts in Thailand, some personal and some corporate, have been frozen. But the money that has been used to finance the takeover and which will then be used to invest in the club is in English bank accounts and beyond their reach," he added.








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