Thaksin Shinawatra, the former prime minister of Thailand, has lodged an official £81.6m bid for Manchester City Football Club (MCFC).

The bid, at 40p in cash per share, values the club at £21.6m and will also include the cllub’s net debt which currently stands at £60m.

The bid was made through UK Sports Investments, a newly incorporated company established for the purposes of making the offer and which is indirectly controlled by Thaksin Shinawatra and his son and daughter, Panthongtae and Pintongta Shinawatra.

The club said its board intends to unanimously recommend that MCFC shareholders accept the offer.

John Wardle, MCFC chair, said: “Following our significant progress over the last few years, 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 all been striving for.”