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By ESPN Staff

Shinawatra takes over at Man City

Thaksin Shinawatra has secured ownership of Manchester City.

The former Thai prime minister agreed a deal 'on principle' with ex-England boss Sven-Gora Eriksson to take over the team on the proviso that Thaksin was able to buy the Eastlands outfit.

And in a statement to the stock exchange today, City said that the Thai national's company UK Sports Investments (UKSIL) had reached the required 75 per cent ownership.

This means he is able to remove the club's shares from the exchange and initiate a compulsory purchase offer for the remaining 25 per cent of shares.

'Further to the offer made on June 21st 2007 by UKSIL to acquire the entire issued and to be issued share capital of Manchester City other than for the Manchester City deferred shares, UKSIL announces that all conditions relating to the offer have been satisfied or waived,' a club statement read.

'Accordingly, the offer has been declared unconditional in all respects. The offer will remain open for acceptance until further notice.'

As a result of Thaksin's successful bid for City Eriksson has now put pen to paper on his contract with the club, 12 months after he resigned his post as manager of England.

However, Eriksson would not reveal how much of a transfer budget the new owner had made available at his press conference:

'I don't think I should care to speak about money,' he said.

'I can promise you will see new faces in the squad and the team when the Premier League starts.

'Let's wait until the middle of August and you will see.

'It's a big, big club and I think a lot of football players around the world would like to play for Manchester City, especially as they know this club will be bigger and bigger.'

On his current squad, he said: 'I think it's good. One thing I think is very, very good is that we have six players from the academy in the squad.

'That's important, That's something to build on for the future.'