The formal bid for the Blues, worth 121.5 million euros or 162.6 million dollars, was made by Thaksin's UK Sports Investments company and was backed by management at Manchester City, the boards said in a joint statement.

The offer came as Thai prosecutors in Bangkok laid formal criminal corruption charges against former prime minister Thaksin in the first case to reach court since a coup last year removed him from power.

Manchester City, which finished a disappointing 14th place last season in the Premiership, has become the latest English football team to attract takeover interest from abroad.

"This offer provides an exciting opportunity to take Manchester City to the next stage of our development and deliver the on-field success we have been striving for," Man City chairman John Wardle said in the statement.

If the bid for Manchester City is completed, eight Premiership clubs will be under foreign ownership -- including also Aston Villa, Chelsea, Fulham, Liverpool, Manchester United, Portsmouth and West Ham United.

Hong Kong businessman Carson Yeung is bidding to buy Premiership newcomers Birmingham City, while Arsenal may soon face a takeover offer from US magnate Stan Kroenke, who recently built up a 12.0-percent stake in the London club.

Finally, Newcastle United were this month bought by British tycoon Mike Ashley.

Premiership clubs are being sought at a time when income of each of the league's 20 teams is set to rise by an average of more than ten million pounds per year following a record-busting overseas television rights deal.

"I am delighted that the board of Manchester City has recommended my bid for the club and I look forward to continuing the excellent work of John Wardle and his team," Shinawatra said in the statement.

"We share a determination to take the club back to its rightful place at the highest level of competition in both the Premier League and European football."

Manchester City have long lived in the shadows of neighbours Manchester United. While the Red Devils have won countless domestic honours as well as European titles over the past two decades, success for City has come only in the form of promotion to the Premiership.

City sacked Stuart Pearce as their manager at the end of the 2006-07 season and have yet to find a replacement. Sven-Goran Eriksson's agent has rubbished claims the former England manager is set to fill the role should Shinawatra win control of the club.

With City in limbo, the club has been unable to attract new players, while last season's star performers, Joey Barton and Sylvain Distin, have joined Newcastle and Portsmouth respectively in time for the new season which begins in August.

If Thaksin takes control at Man City, Wardle will remain on the board, while Alistair Mackintosh will stay as chief executive.

Although Thaksin has won over the board, he must still gain the backing of other shareholders and pass a standard "fit and proper person" test. This is carried out by the Premier League, which runs the Premiership.

In Bangkok, meanwhile, Noppadon Pattama, Thaksin's lawyer and spokesman in Thailand, said that Thai police should deliver corruption charges to the former premier overseas, rather than demand the exiled leader return to Thailand.

Thaksin and his wife Pojaman were ordered to appear before police in Bangkok next week to face corruption charges over an alleged fraudulent filing to the Securities and Exchange Commission.

Thaksin has stayed in exile since the military toppled his government in September last year, staying mainly at his London home.