|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.”