Houllier can go on spending spree

The 54-year-old multimillionaire, who made his fortune in the family telecom group Shin Corp, is ready to invest £65m for a stake of less than 30 per cent, although a report in a Thai newspaper yesterday suggested the deal would entitle Thaksin and his partners to commercial rights in Asia.

Liverpool would also set up a football academy in Thailand and help with the country's professional league.

In March, Liverpool's board turned down a proposal from property developer Steve Morgan to raise his stake in the club via a rights issue. Morgan is the club ' s third largest shareholder with five per cent behind television company Granada with 9.9 per cent and chairman David Moores who has a majority 51 per cent.

Thaksin declared an interest in buying a stake in Liverpool in February after his bid for Fulham failed last year. Bangkok newspapers have reported that Thai beer tycoon Charoen Sirivadhanabhakdi wants to join Thaksin in the Liverpool bid.

Thaksin, estimated to be worth about £56m in 2002, enjoys popularity as a champion of the poor with free health care and low interest loans.

But his ratings are reported to have slipped after violence erupted in the Muslim- dominated south, a crackdown on drugs left 2,500 people dead and trade unions protested over his attempt to privatise the electricity industry.

He faces an election next year.