London, Aug.23 : Former Thai Prime Minister Thaksin Shinawatra has offered to quit as the chairman of Manchester City.
Shinawatra fled Thailand where he is supposed to be facing corruption charges from his time as the country's Prime Minister, and has also put his position in jeopardy under the Premier League's Fit and Proper Persons Act.
Shinawatra denies all the charges but fears the controversy is affecting City and has offered to quit.
But the club's new executive chairman Gary Cook has talked him out of it, believing they can ride the storm.
If the Premier League find Shinawatra is not fit and proper they will have to take him off the Manchester City board of directors
Shinawatra may then have to transfer his 81.6 million pound stake in the club.
The club is looking for extra investment as Shinawatra has had 800 million pounds of his assets frozen in Thailand and that is restricting his investment.
Story first published: Saturday, August 23, 2008, 15:17 [IST]