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British soccer club Manchester City FC on Thursday said that it had agreed to be bought for 81.6 million pounds (USD 162 million) by former Thai Prime Minister Thaksin Shinawatra.
The board of the top English soccer club recommended acceptance of the offer to shareholders.
"I am delighted that the board of Manchester City has recommended my bid for the club," Thaksin said in a joint statement with the club.
"We share a determination to take the club back to its rightful place at the highest level of competition in both the FA Premier League and European football." added the former premier of Thailand.
Thaksin's investment vehicle, UK Sports Investments, offered 40 pence (euro 0.59 USD 0.80) for each outstanding share, valuing the capital at 21.6 million pounds (euro 32 million; USD 43 million).
The new owners also would take on 60million pounds (euro 89 million; USD 119 million) of the club's debts.
The prospective new owners also promised "to commit further significant sums to fund the current and continuing working capital requirements of the club."
Thai prosecutors filed corruption charges against Thaksin in the Supreme Court on Thursday, in the first criminal charges ever filed against a former premier in Thailand.
Thaksin was toppled in a military coup last September and was named along with his wife Pojamarn in a case involving allegations of wrongdoing in a land deal.
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