Last updated : 22 June 2004 By editor

After the Thai government withdrew from the negotiations last week Liverpool's latest suitor is Paiboon Damrongchaitham chairman of Thai communications company GMM Grammy. The bid from Mr Damrongchaitham has had a devaluing effect on GMM Grammy 's share price forcing the company to put out a statement distancing them from the deal:

"The company hereby would like to clarify that a decision has been reached that the said investment opportunity will be Mr Paiboon Damrongchaitham's 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 percent 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 Grammy's ability to pay a dividend.

Wonder if the Thais have heard of the expression 'Lie down with dogs and you get fleas' ?