Shinawatra tables £81.6m bid for City

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Shinawatra lodged a formal £81.6million bid for the club after weeks of negotiations.

City's board have recommended to shareholders that the offer should be accepted.

Should Shinawatra go on and see his plans come to fruition his first task will be to appoint a new manager.

Former England coach Sven-Goran Eriksson is believed to be in the running to succeed Stuart Pearce, who was dismissed at the end of the season after a disappointing campaign.

Shinawatra has already been pledged 55.9% of the club through shares owned by members of the board and former chairman Francis Lee.

He said: "I am delighted that the board of Manchester City has recommended my bid for the club.

"I look forward to continuing the excellent work of John Wardle and his team.

"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.

"I am in no doubt of the responsibility associated with leading Manchester City and pledge to the fans, players and staff my utmost commitment to the future success of this great club."