Manchester City Secured £30 Million Loan

Manchester City have secured a £30 million loan against future television revenue to support Mark Hughes in the transfer market, amid continuing uncertainty over the future of their owner, Thaksin Shinawatra. City’s financial position is in doubt while Thaksin’s assets remain frozen in Thailand.

The former Prime Minister of Thailand has had his assets frozen after refusing to face corruption charges in his homeland, meaning his £800million are of little use at present. The club have played down the significance of a loan that is designed to ease cashflow difficulties and allow Mark Hughes to strengthen his depleted squad.

The manager is desperate to sign a left back, a midfield player and a striker before the transfer window closes on September 1, having failed with a £12 million bid for Roque Santa Cruz, the Blackburn Rovers forward, last week. Diego Milito, of Real Zaragoza, remains a target after Hughes’s urgency for a striker increased on Sunday when Valeri Bojinov ruptured his Achilles tendon during the warm-up before the 4-2 defeat away to Aston Villa, meaning that five of the club’s forwards are injured while a sixth, Jô, is on Olympic duty with Brazil.

Good news has been in short supply at City lately, with defeat at Villa Park preceded by an embarrassing 1-0 loss at home to FC Midtjylland in a Uefa Cup qualifying match, but the club hope to dispel some of their supporters’ anxiety in the coming days by signing at least two new playes and securing the long-term future of Michael Johnson, the England Under-21 midfield player, who is looking for an improved contract, having attracted interest from Arsenal, Aston Villa and Everton this summer.