BANGKOK, May 18: Thailand's billionaire prime minister said on Tuesday that his country's unusual bid for a major stake in famed English soccer side Liverpool had been approved by the club's board , the unprecedented deal to be funded by a one-off state lottery.

"In principle, they have no problem with our offer," Thaksin said on Tuesday before a cabinet meeting to discuss the details of the 4.6 billion baht ($112.7 million) bid.

"By the end of June, we will own a stake in a Premier League club," the telecoms tycoon-turned-politician, told reporters. Although details are still emerging, it appears the deal will see the country - through a government sports board - give the club a significant cash injection and buy a 30 percent stake. -Reuters