Thaksin offers to resign from Man City board

Thaksin fled Thailand where he is supposed to be facing corruption charges from his time as the country's Prime Minister.

It has put his position in jeopardy under the Premier League's Fit and Proper Persons Act. Thaksin denied all the charges but feared the controversy is affecting the Club and has offered to quit.

UK-based tabloid, the Sun reported Saturday that the club's new executive chairman Gary Cook has talked him out of it, believing they can ride the storm.

The paper quoted Cook as saying "Dr Thaksin is embarrassed about the indignity brought on all the entities — the club, the Premier League — he never intended this.

"I didn't realise the impact this situation would have. I feel it's a little embarrassing and the owner thinks it's embarrassing. Dr Thaksin has been really open about this.

"He has said to me, 'if you need me to resign from the football club as a director, because it would serve the needs of the Premier League, then I'm fine with that as long as that doesn't change any other thing.'

"I think there is a very loose term about what is 'fit and proper.' It is almost a tongue-in-cheek term that you would use for Premier League football over the last 10 years. There are plenty of unfit and improper individuals.

"But what I want to do is make sure we get it cleared up. We are restructuring the board.

"I would like to bring in some non-executive members from industry — captains of industry, who can help the football club move to its long-term vision."

But Cook admits if the Premier League find Thaksin is not fit and proper they will have to take him off the board.

He said: "That is one of the reasons why we would look to maybe take him off the board as a director. We're talking about a lot of different things right now."

Thaksin may then have to transfer his stake in the club. he took over a year ago for 81.6million pounds.

Since then City have invested nearly 80m pounds on players, although only a quarter of that has been paid.

The club are looking for extra investment as he has had his assets frozen in Thailand and that is restricting his investment.

Cook said: "His lawyers are working through everything. We have talked about selling part of his stake to an equity partner who would come in and take a little bit of the pressure away from him so the Premier League would get more comfort out of the restructuring of the board.

"We've talked about so many different options. But one thing we are adamant about is not to give up the majority stakeholding.

"Dr Thaksin is in a political situation and a case that affects his assets, so that's well documented. So that's a hurdle.

"So the hurdle is, is there never going to be any more money? The challenge is, 'Dr Thaksin, what are we going to do?' He says, 'Well here's what we are going to do and here's how we are going to do it, because this will all resolve itself. But I need some time. OK, great'.

Thaksin felt so bad about what has happened that he is avoiding Eastlands — including tomorrow, when Mark Hughes' side clash with West Ham.