Former Thailand PM Thaksin Shinawatra has made a formal bid for Manchester City.
Thaksin has lodged an £81.6m formal takeover bid for Manchester City. The City board said it intended to back the bid from UK Sports Investments, a vehicle indirectly controlled by Thaksin and his son and daughter.
The offer is 40p in cash for each Manchester City share, valuing the existing issued share capital of City at approximately £21.6m, together with net debt of approximately £60m.
"I am delighted that the Board of Manchester City has recommended my bid for the club and I look forward to continuing the excellent work of John Wardle and his team," said Thaksin.
"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."
John Wardle, chairman of Manchester City, added: "Following our significant progress over the last few years, this offer provides an exciting opportunity to take Manchester City to the next stage of our development and deliver the on-field success we have all been striving for."
Wardle said he had been asked to remain on the board of the club, together with chief executive Alistair Mackintosh.
