"There is absolutely no truth to this story or any of the allegations," Thaksin said in a statement. "I appreciate the progress and performance of the whole squad, managed by Sven-Goran Eriksson, this season."

The ousted former Thai prime minister also rebuffed British newspaper reports that deputy chairman John Wardle had sent a letter to players apologising for allowing the club to be sold.

Thaksin bought the club for 81 million pounds ($157.6 million) last year while living in exile after the Thai military ousted him in a coup.

He is yet to reveal whether Eriksson will remain as manager next season, insisting the club is undergoing a complete review.

The billionaire tycoon is reported to be unhappy with Eriksson and his team's performance, even though they met his target of a top 10 Premier League finish.

Reports that Eriksson will be sacked have angered City fans, many of whom have questioned Thaksin's knowledge of soccer and his running of the club.

Thaksin and Eriksson met briefly at a sponsors' dinner in Bangkok on Thursday. They shook hands and posed for photographs before dining at different tables and leaving separately.