The credibility of former Thailand Prime Minister Thaksin Shinawatra's bid to take control of Manchester City was thrown into question on Monday when £830million of his assets were "frozen" by the Thai government.
Shinawatra, now living in exile in London after being deposed by a coup in Thailand last year, was seemingly on the brink of making a formal offer to buy control of the Eastlands club.
But that could now be in question as doubts arise about whether he has the necessary funds.
It will do nothing to lift the cloud of concern hanging over City, who have been in limbo since the prospect of the deal became known and following the sacking of manager Stuart Pearce.
The situation has not been helped by the takeover saga dragging on for months, with the club's books being scrutinised by the Shinawatra camp in recent weeks.
But now City have been rocked by the latest problem to hit the former Thai leader, and they are now actively "seeking an explanation" for the current situation.
A spokesman for Shinawatra in London said: "This situation will not singly affect the takeover bid."
But City fans will now be concerned that the Thai bid will follow the same path as Shinawatra's previous attempt to buy Liverpool.
That deal collapsed after months of prevarication, amid heated objections from Liverpool fans' groups over Shinawatra's human rights record when he was in power in Thailand.
A committee investigating claims of corruption today revealed it had ordered accounts worth £830million to be frozen.
The situation has prompted City's board to issue a statement, saying: The board note the information emanating out of Thailand today in respect of Dr Shinawatra and the freezing of his assets.
"The board and their advisers are in discussion with Dr Shinawatra's advisers to confirm the implications of these developments in respect of their client's interest in potentially making an offer for the company.
"These discussions and those between the company and other interested parties may or may not lead to an offer being made for the company."
With City no nearer being able to announce a successor to Pearce, and with Sylvain Distin having left the club and Joey Barton on the brink of signing for Newcastle, this latest situation is the last thing hard-pressed club bosses needed.
Sources close to the Shinawatra bid in London claim the threat to freeze assets will not stop the City bid.
The assumption from that is that the former Thai leader has enough funds outside of Thailand to continue with the deal.
But City's board have been concerned at the time the deal is taking, and the adverse effect it is having on season ticket sales and the build-up to next season.
There had been threats that they were about to pull the plug on the deal recently, and this current situation could well cause another call for such action.
Shinawatra, now living in exile in London after being deposed by a coup in Thailand last year, was seemingly on the brink of making a formal offer to buy control of the Eastlands club.
But that could now be in question as doubts arise about whether he has the necessary funds.
It will do nothing to lift the cloud of concern hanging over City, who have been in limbo since the prospect of the deal became known and following the sacking of manager Stuart Pearce.
The situation has not been helped by the takeover saga dragging on for months, with the club's books being scrutinised by the Shinawatra camp in recent weeks.
But now City have been rocked by the latest problem to hit the former Thai leader, and they are now actively "seeking an explanation" for the current situation.
A spokesman for Shinawatra in London said: "This situation will not singly affect the takeover bid."
But City fans will now be concerned that the Thai bid will follow the same path as Shinawatra's previous attempt to buy Liverpool.
That deal collapsed after months of prevarication, amid heated objections from Liverpool fans' groups over Shinawatra's human rights record when he was in power in Thailand.
A committee investigating claims of corruption today revealed it had ordered accounts worth £830million to be frozen.
The situation has prompted City's board to issue a statement, saying: The board note the information emanating out of Thailand today in respect of Dr Shinawatra and the freezing of his assets.
"The board and their advisers are in discussion with Dr Shinawatra's advisers to confirm the implications of these developments in respect of their client's interest in potentially making an offer for the company.
"These discussions and those between the company and other interested parties may or may not lead to an offer being made for the company."
With City no nearer being able to announce a successor to Pearce, and with Sylvain Distin having left the club and Joey Barton on the brink of signing for Newcastle, this latest situation is the last thing hard-pressed club bosses needed.
Sources close to the Shinawatra bid in London claim the threat to freeze assets will not stop the City bid.
The assumption from that is that the former Thai leader has enough funds outside of Thailand to continue with the deal.
But City's board have been concerned at the time the deal is taking, and the adverse effect it is having on season ticket sales and the build-up to next season.
There had been threats that they were about to pull the plug on the deal recently, and this current situation could well cause another call for such action.
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