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Thaksin's Man City buyout bid going well, says lawyer

Former Thai prime minister Thaksin Shinawatra's bid for Manchester City is "going well" but nothing has yet been decided, his lawyer said yesterday, denying reports a deal had been struck.

"Thaksin has officially submitted his bid to buy the football club," Noppadon Pattama said, confirming the offer for the first time.

"There is no official conclusion yet at this moment, but everything is proceeding well," he said, adding that he had spoken to Thaksin earlier in the day. "By the end of this month, everything will be clear."

He declined to give further details including the value of the offer, which is estimated at around ?100 million (US$197 million).

Quoting sources close to Thaksin, Thailand's top-selling newspaper Thairath yesterday said he had struck a deal to buy the Premier League club for the same sum.

The report said the billionaire will name four close Thai associates as executive board members and has already mapped out management plans.

Siam Sport Daily also said Thaksin planned to take Thai goalkeeper Kosin Hathairattanakul to Manchester City.

Thaksin, 57, was ousted by the military in September last year. Since then, he has remained in self-exile and currently lives in London.

While Thailand's ruling junta has blocked some foreign media coverage about Thaksin, his bid for Manchester City has been widely reported by the press here.

In 2004 Thaksin, an avid football fan, led a Thai consortium in a failed bid to buy a 30 percent stake in Liverpool.

According to official documents released after the September coup, Thaksin was worth US$339 million.

But that figure did not include almost US$2 billion earned from Thaksin's family stock sale. Public anger over the fact that no taxes were paid on that sale helped lead to his ouster.

Reports from Britain indicate Manchester City, a venerable club regarded as under-achieving, will not appoint a new coach until it is clear whether Thaksin's takeover will proceed.
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