Reaction To Recent Takeover Developments
The news over the last 24 hours that Thaksin Shinawatra has been charged in his home country on five counts of corruption, and had financial assets in Thailand frozen, indicates that the proposed takeover is now in jeopardy of failing. We understand that the deal has just a 50/50 chance of going ahead and that decisions will be made in the next 24 hours with Shinawatra still trying to obtain the full financing.
When Manchester City announced on 7 December 2006 that the board were in talks with potential investors, little did anyone realise that six months on the outcome would look like failure from a single bidder. This is hugely disappointing for all concerned, not least the fans and individual shareholders who believed we would be able to attract investment as a number of other premiership clubs have done.
Obviously until an announcement by either Shinawatra to go ahead with his bid, or the Manchester City board to withdraw from negotiations, there is no clear picture as to what the next steps will be. Either way, Manchester City needs to press on with appointing a manager and addressing the immediate matters of squad building and the season ahead.
We strongly believe that success on and off the pitch requires our Club, the shareholders, the community and most importantly the supporters to pull together as one. The Manchester City Supporters Trust will actively support any investor who shares those views and wants to play their part in a successful all inclusive long term partnership.
The Manchester City Supporters Trust must make it very clear that it does not support any current or past bidder for Manchester City Plc. When, or if, a formal bid is made, is the time to assess the suitability of a bidder and their long term plans for our Club.
Whatever may happen we continue to strongly believe and encourage shareholders and supporters, who want to play an active and positive part in the future of our Club, to stand up and be counted. Participating does not have to be via the Supporters Trust, it can be via the magnificent supporters clubs or other worthy supporters groups. The most important thing to remember, is that the key to future success lies in the hands of the supporters and shareholders and their active/ positive participation.