Thaksin’s Financial Mismanagement of Manchester City

From Thaksin To Mansour: How Manchester City Became Richer Than God – sabotagetimes.com, June 22, 2012
…A company owned by his son, Panthongtae, had been paid £47,912 by the club for, the accounts said, ‘the provision of promotional media services as part of the team’s tour to Thailand’. Manchester City, with Thaksin on the run, fell into a financial plummet. They made an enormous loss, £33m, and had to take out more loans, as well as mortgage the following season’s Premier League TV payments to Standard Bank, to get the cash in early. Yet at the same time they kept spending, signing on 2 July 2008, for £19m, a gangly Brazilian striker from CSKA Moscow, Jo. Garry Cook, who arrived at City in the summer from Nike, told me that he soon realised there was no money, and that players were being signed on deposit. ‘The fabric of the football club had been taken away,’ he said…