Thai PM scraps lottery plan
2004-06-03 13:32
Bangkok - Thai Prime Minister Thaksin Shinawatra on Thursday abandoned his controversial plans to launch a special public lottery to fund a proposed 30% share purchase of English soccer club Liverpool.
Thaksin's retreat followed mounting public criticism over the scheme that would have seen a government-owned entity issue millions of lottery tickets.
"I have to listen to the criticism that (the lottery plan) is incorrect, and so I must withdraw," the billionaire tycoon-turned-politician told reporters.
The retreat is a setback for Thailand's lofty plans to buy into one of the world's most famous soccer clubs.
Thaksin said he saw the writing on the wall when listening to a key advisor and political mentor Chamlong Srimuang.
Chamlong wrote an open letter to Thaksin voicing his opposition to the lottery funding in a country where most forms of gambling are banned.
Several academics and legal experts had questioned the constitutionality of the plan as well, while Thai students had launched a petition in Bangkok against the lottery as it promoted vice.
Thaksin said he had "alternative" backup plans for the funding, and while he did not elaborate on the options he reiterated that no taxpayer money would bankroll the purchase if the deal valued at $100m goes ahead.
The premier has said Liverpool have agreed in principle to sell a 30% stake in the club, but last-minute problems and checks of the club's financial and legal standing mean the final signing may be delayed until July.