Now we can dare to dreamUpdated: July 26th, 2007
After weeks of staring into the abyss, now we can look up and dare to dream.
June 21st - Shaun Goater Day in Bermuda - is an historic day indeed for City following the takeover announcement on PLUS Markets.
Looking at the history of City’s board, this is possibly only the second time in City’s 127-year existence that the majority of the club’s shares will be owned by one man (double glazing tycoon Joe Smith had a majority stake in the 1970s, while it’s unclear how many shares newspaper magnate Edward Hulton held in the early 20th century).
Here are the shareholders who have already agreed to sell:
Ideally, Thaksin will want at least 75% of the shares, which will allow him to take the club private. This could be achieved within the next three weeks, but for now 55.9% will still be enough for him to take control.
The takeover will also add a touch of glamour to the boardroom - and send the average age of the directors plummeting. Here are the boardroom changes that will definitely take place:
~ Mark Boler, whose family own a 18.75% stake, and Dennis Tueart, who represents David Makin’s 13.85%, will stand down from the board of Manchester City PLC as soon as the takeover officially goes through.
~ David Makin will leave the board of Manchester City Football Club (which is 100% owned by Manchester City PLC).
~ Alistair Mackintosh will remain as chief executive and John Wardle’s title will change from “non-executive Chairman” to “deputy non-executive Chairman”.
~ Thaksin’s only son, 27-year-old Panthongtae Shinawatra and daughter Pintongta (pictured below), together with Sasin Monvoisin, wife of the former Thai ambassador to Britain Vikrom Koompirochana, will be appointed to the boards of both Manchester City PLC and Manchester City Football Club PLC as non-executive directors.
~ Pintongta Shinawatra is still single.
(Spicing up the boardroom: Pintongta, Thaksin and Panthongtae)
I admit, I’d been a sceptic ever since the first lot of funds were frozen in Thailand ten days ago, but I’m very, very happy to have been proved wrong about this.
I only wish I’d taken my own advice from August 2006 about buying the shares at 22p.
And finally, full credit to the board, or more specifically John Wardle and David Makin, for seeing this to its conclusion. They dipped into their pockets to shore up our finances and didn’t leave us at the mercy of the sharks.
Their time at City has not been characterised by great success, but in passing the club on to a man capable of making City great again, they’ve definitely saved their best til last.
~ Video of BBC interview; Sky Sports interview; MEN interview