Red carpet for Thai bid

Thailand8217;s billionaire Prime Minister said on Tuesday his country8217;s bid for a stake in English soccer side Liverpool had been approved in principle by the club8217;s board.

Thailand8217;s cabinet also backed a plan to fund the 4.6 billion baht 112.7 million deal through a one-off state lottery. 8220;In principle, they have no problem with our offer,8221; Thaksin Shinawatra told reporters. 8220;By the end of June, we will own a stake in a premier league club8221;.

The deal has boosted Thaksin8217;s flagging domestic popularity, but it is unlikely to go down well with Liverpool-based fans who favoured a rival bid from building tycoon Steve Morgan that was rebuffed by the board last week.