Manchester City said on Thursday the Premier League club were backing an 81.6 million pounds ($162.6 million) take-over bid led by ousted Thai Prime Minister Thaksin Shinawatra. City said its board intended to recommend the bid from UK Sports Investments, a vehicle indirectly controlled by Thaksin and his son and daughter, Panthongtae and Pinthongta Shinawatra.
The move came hours after Thaksin, who has been based in London since being ousted in a bloodless coup in September, was formally charged with "official misconduct" over a property deal involving his wife.
Commenting on the board's response to his offer, Thaksin said in a statement: "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.
"I am in no doubt of the responsibility associated with leading Manchester City and pledge to the fans, players and staff my utmost commitment to the future success of this great club." The move also appeared to have the all-clear from officials in Thailand, where Army-appointed Prime Minister Surayud Chulanont told reporters: "Thaksin has a lot of money. Whatever investment he has made, that's his business."
Thaksin's spokesman Noppadon Pattama told a news conference in Bangkok: "He will use his family's money to buy the club. The money is legitimate, there is no concern...It is in a place where it can be made available."
A total of $1.5 billion in Thaksin family bank accounts were frozen by Thai authorities last week. Thai analysts said the bid had much to do with the former telecommunications tycoon keeping a high profile with a soccer-mad public back home, where few believe his stated desire to retire from politics.
"One certain thing is that from a public relations point of view, having a football club is probably better than having an election rally," Bangkok-based business consultant Christopher Bruton said.
A successful bid is expected to see the appointment of former England coach Sven-Goran Eriksson as manager, taking over the vacancy after Stuart Pearce was sacked last month.
The Swede has been out of the game since stepping down after last year's World Cup, where England made a quarter-final exit on penalties to Portugal. There was set to be a mixed response from fans of City, whose golden years spanned the late 1960s to the mid-1970s.
Judges are expected to rule on July 10 whether to proceed with the charges. If convicted, Thaksin could face up to 10 years in jail and a fine. The 81.6 million pound price tag for City includes 40 pence each for the club's shares and 60 million pounds of debt. UK Sports Investments currently controls around 56 percent of the shares.