Red carpet for Thai bid

Thailand’s billionaire Prime Minister said on Tuesday his country’s bid for a stake in English soccer side Liverpool had been appr...

Thailand’s billionaire Prime Minister said on Tuesday his country’s bid for a stake in English soccer side Liverpool had been approved in principle by the club’s board.

Thailand’s cabinet also backed a plan to fund the 4.6 billion baht ($112.7 million) deal through a one-off state lottery. “In principle, they have no problem with our offer,” Thaksin Shinawatra told reporters. “By the end of June, we will own a stake in a premier league club”.

The deal has boosted Thaksin’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.

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Although details are still emerging, it appears a government sports board will give the club a significant cash injection to buy a 30 percent stake.

Thailand, where football and Liverpool are immensely popular, will in return be able to market some of its products using the club’s name.

A senior official in Thaksin’s office said the club called Thai negotiators at 1600 local time (0900 GMT) on Monday to accept the deal.

“We are waiting for final written confirmation,” he said.

The club is 51 percent owned by chairman David Moores, whose family has had control for half a century, and 9.9 percent owned by television company Granada.
(Reuters)

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