According to Bank of Thailand (BoT) regulations, Thai citizens wishing to take out more than $50 million for investments abroad must seek prior approval from the central bank, and it is questionable whether it will grant it if Thaksin makes a serious offer to Manchester City. “Thaksin has to prove that purchasing Manchester City is a rational deal that is beneficial to the country,” an anonymous financial source told The Nation newspaper. The price tag for Manchester City is about £100 million ($200 million), which is well within Thaksin’s means.
Thaksin’s family fortune, earned off investments in Thailand’s flourishing telecommunications sector that blossomed during his five years as premier, has been estimated at $3 billion, but it is unclear how much of that has been socked away overseas. Thaksin, who was toppled by a military coup on September 19, 2006, is currently living in London where he owns several properties and his eldest daughter is attending university. In 2005, when he was still prime minister, Thaksin tried to raise £70 million ($140 million) in public funds to buy a 30% stake in the Liverpool Football Club but the deal was nixed by the central bank on the ground that football is a high-risk business. Thais are avid fans of European football, but the Thai team is not up to international standards. It is unclear whether Thaksin is serious about the Manchester City purchase or is just manipulating the media to gain free publicity. The Guardian reported that the former premier was given a VIP tour of the City of Manchester Stadium on Monday and was consulted on the recent sacking of the club’s manager Stuart Pearce. (monstersandcritics.com)
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