Ownership of Manchester City F.C.
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The Ownership of Manchester City F.C. traces back to 1894, when Ardwick A.F.C. dissolved and were reformed as Manchester City Football Club Ltd.
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[edit] Financial structure
The holding company of Manchester City F.C., Manchester City plc, is a private limited company. The club has approximately 54 million shares in issue, of which over 80% are owned by UK Sports Investments Limited, a company controlled by the former Prime Minister of Thailand, Thaksin Shinawatra. Thaksin took control of the club on July 6th, 2007 in a takeover worth £81.6 million, purchasing shares from all existing major shareholders. Dr. Thaksin is chairman of the club, with former chairman and JD Sports founder John Wardle deputy chairman. Two of Thaksin's children, Ms. Pintongta Shinawatra and Mr. Panthongtae Shinawatra are also on the board of directors.
Prior to the Thaksin takeover, the club was listed on the specialist independent equity market PLUS (formerly OFEX), where it had been listed since 1995. On the 6th July 2007, upon acquiring a 75% share in the club, Thaksin delisted the club and re-registered it as a private company.
[edit] History
The modern day Manchester City Football Club became a registered limited company on 16 April 1894.[1] Shares in the club were owned by a number of club figures, who all had one share each.
Peter Swales became chairman in October 1973,[2] and held the position for more than 20 years.
In 1994, Swales was ousted from his chairmanship by former City player Francis Lee, whose paper business F.H Lee Ltd. had made him a multimillionaire. Lee's takeover was preceded a long anti-Swales campaign by supporters, who had formed a movement named Forward With Franny backing his attempt to gain control of the club.[3] Lee gained control of the club by purchasing £3 million of shares at a price of £13.35 per share.[4] Upon becoming chairman, Lee made a series of extravagant claims about his plans for the club, announcing that "This will be the happiest club in the land. The players will be the best paid and we'll drink plenty of champagne, celebrate and sing until we're hoarse".[3] The club floated on the OFEX exchange in 1995, valuing the club at £8 million.[5]
In 1996 Lee appointed his friend Alan Ball as manager, but the appointment proved unsuccessful and the club were relegated. Lee stepped down in 1998, with the club on the brink of relegation to the third tier of English football, a fate which Lee had dismissed at the previous annual general meeting by saying that he would "jump off the Kippax" if the club were relegated.[6] He was replaced as chairman by financial director David Bernstein.
In November 1999 broadcaster BSkyB purchased a 9.9% stake in the club for £5.5 million, plus a further sum for media rights. The deal was part of a series of acquisitions by BSkyB which included a similar stake in Leeds United.[7] A share rights issue announced at the same time as the BSkyB purchase saw JD Sports founders John Wardle and David Makin increase their stake and become the club's largest shareholders.[8]
Bernstein resigned on 5 March 2003, believing that differences of opinion regarding player transfers had undermined his ability to lead the club.[9] Bernstein had favoured a fiscally conservative transfer policy, but manager Kevin Keegan and major shareholder John Wardle wished to spend heavily on new players, such as Robbie Fowler.[10] Wardle became temporary chairman, taking the position on a permanent basis two months later.[11] Bryan Bodek, who had been a board member since February 2000,[12] was appointed as his deputy.
In December 2006, the club issued a statement regarding a possible takeover,[13] prompting press speculation about potential buyers. On 24 April, former Manchester City player Ray Ranson announced interest in making an offer for the club,[14] though the club denied press reports that a bid had been made.[15] On 1 May 2007, it was announced that former Thailand Prime Minister Thaksin Shinawatra had been granted access to the clubs accounts.[16] However, the deal was thrown into doubt when Thailand's military government froze £830m of Shinawatra's assets after they investigated allegations of corruption made against him.[17] On the 21st June the Manchester City board accepted an £81.6million offer for the club from Thaksin Shinawatra and advised the shareholders to accept the bid. On the 6th July, Thaksin finally acquired a 75% share in the club, enough to take full control of the club and delist it as full owner.[18] One of his first moves was to schedule a press conference to announce former-England manager Sven-Göran Eriksson as his new manager.[19]
[edit] Board
As of May 2008
| Position | Name |
|---|---|
| Chairman |  Thaksin Shinawatra |
| Deputy Chairman |  John Wardle |
| Chief Executive | Alistair Mackintosh |
| Director | Bryan Bodek |
| Director | Pintongta Shinawatra |
| Director | Panthongtae Shinawatra |
| Director | Sasin Monvoisin |
| Executive Director | Yingluck Shinawatra |
| Executive Director | Taweesuk Srisumrid |
[edit] References
- ^ James, Gary (2006). Manchester City - The Complete Record. Derby: Breedon. ISBN 1-85983-512-0. p26
- ^ Clayton, David (2002). Everything under the blue moon: the complete book of Manchester City FC - and more!. Edinburgh: Mainstream publishing. ISBN 1-84018-687-9. p49
- ^ a b Maine line to nowhere for Lee. Independent. Retrieved on April 15, 2007.
- ^ After all that... This. Guardian. Retrieved on April 15, 2007.
- ^ Company Information: Manchester City plc. Company Eye. Retrieved on June 21, 2007. (pdf)
- ^ Fans fear Keegan's reign may spell glory or bust. Independent. Retrieved on April 15, 2007.
- ^ Football: Manchester City hit lottery jackpot. Independent. Retrieved on June 21, 2007.
- ^ Manchester City plc - Share Subscription/Rights Issue. PLUS Markets Group. Retrieved on June 21, 2007.
- ^ Man City chairman quits. BBC. Retrieved on June 21, 2007.
- ^ Football: Bernstein quits as Keegan wins City fight. Independent. Retrieved on June 21, 2007.
- ^ Football: Wardle takes permanent post at Manchester City. Independent. Retrieved on June 21, 2007.
- ^ Offer for subscription to raise up to £2.5M and floatation on AIM. Medical House plc. Retrieved on June 21, 2007.
- ^ Manchester City plc - Statement re Possible Offer. PLUS Markets Group. Retrieved on April 30, 2007.
- ^ Ranson's 'inadequate' bid leaves City cold. Independent. Retrieved on April 30, 2007.
- ^ Manchester City plc - Statement re Ray Ranson. PLUS Markets Group. Retrieved on April 30, 2007.
- ^ Ex-Thai PM steps up Man City bid. BBC Sport (2007-05-01). Retrieved on 2007-05-01..
- ^ Man City call for Thaksin answers. BBC. Retrieved on June 18, 2007.
- ^ Thaksin completes Man City buyout. BBC Sport. Retrieved on 2007-07-06.
- ^ Eriksson named as Man City boss. BBC Sport. Retrieved on 2007-07-06.
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