Sunday, April 26, 2009
The mess Thaksin left behind at Manchester City
A blogger at TheSportBlog in the Guardian's website had this to say in one of the latest entries:
"Few at (Manchester) City doubt that Thaksin (Shinawatra) used the club to boost his own standing in Thailand. Thai dignitaries were entertained at matches and the City team taken on a tour of the country -- for which, the accounts who, 47,912 pounds was paid for PR services to a company owned by Thaksin's son, Panthongtae Shinawatra.
The blog continues: "Thaksin's own total contribution has been itemised: 17.5 million pounds to pay off Wardle and Makin's 20 million pound loans, and he also lent the club 21 million pounds, at annual interest rates of up to 11.83%..."
(Manchester City were sold to Thaksin because the former major shareholders, John Wardle and David Makin, could not fund them any further...)
The accounts, covering the year to May 31, 2008, show City lost 33 million pounds up to then under Thaksin...
The blog added: "Thaksin's tumultuous year owning City came perilously close -- as the club's recently published accounts revealed -- to proving the dangers fror Premier League clubs of being up for sale to random rich men.
It was his and City's great fortune to be picked up last August by Sheikh Mansour, who, having spent more than 300 million pounds already, is intent on demonstrating the art of being a good billionaire, the blog said.
Thaksin obviously dumped City like a hot potato when his political mistakes at home finally caught up with him.