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Gambling.co.uk: Gambling News Archive
Thailand’s Stake in Liverpool Scrapped
Thailand backs down on plans to use lottery funds to by a stake in Liverpool Football Club
Friday 4th June 2004
The Prime Minister of Thailand has backed down on controversial plans to buy a 30% stake in Liverpool FC using state lottery funds. Thaksin Shinawatra planned to use $115 million deal for part of the cash strapped club as a way of encouraging Thai football, but was forced to back down following a volley of criticism that the money should be spent on the Thai people.
Following weeks of bargaining, Thailand’s offer had reportedly been approved by the Liverpool board, and was set to go ahead. Despite being a top Premier League Club, Liverpool have not won the league since 1990 and separately need money to buy new players and a bigger stadium.
Today’s developments represent a huge u-turn by Shinawatra who told journalists: “Taking money from the poor is not our aim,” Prime Minister Mr told reporters. “We have to scrap the lottery project.”
Source: OnlineCasinoNews
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