BANGKOK: Thai media mogul Paiboon Damrongchaitham would pay for a stake in English soccer club Liverpool using his own money rather than that of his company, GMM Grammy, the music firm said yesterday.
The chairman of Thailands biggest music company is putting together a private consortium to bid for a 30% stake in the club after Prime Minister Thaksin Shinawatras government withdrew from the negotiations last week.
The company hereby would like to clarify that a decision has been reached that the said investment opportunity will be Paiboon Damrongchaithams personal investment and GMM Grammy PCL will not be involved in any possible ways, Grammy said in a statement.
Grammy shares have dropped 5.5% this week to three-week lows after broker reports questioned where the company would find the cash for a Liverpool investment and suggested it could affect Grammys ability to pay a dividend.
Some analysts said the company should not get involved in the roughly 5bil baht (US$122mil) deal.
Paiboon owns roughly 53.2% of Grammy, a stake worth about 4.1bil baht based on yesterdays share price.
The stock was down 1.9% at 15.5 baht at 0545 GMT. Reuters