Thailand's bid for a stake in English soccer side Liverpool has been stalled over the level of Thai representation on the club's board.

"There are some differences in the draft (memorandum of understanding) such as the number of directors on the board and their roles," Thai Prime Minister Thaksin Shinawatra told reporters on Wednesday.

The Nation newspaper, citing unnamed government sources, reported that Thai negotiators were demanding two seats on the board, but the club had offered one seat.

Thaksin, a telecoms-tycoon turned politician, said on Tuesday the club had agreed in principle to his country's 4.6 billion baht ($112.7 million) bid for a 30 percent stake.

However, Liverpool's financial adviser later said negotiations had not finished.

Thaksin declined on Wednesday to elaborate on the other sticking points.

"They look trivial, but it has to be made clearly before we can work together. If we can agree on all these, we can complete the deal. If we can't agree, the deal can't be closed," he said.

"Both parties agree on the principles, but in detail we have to see what is best for us," Thaksin added.

The club is 51 percent owned by chairman David Moores, whose family has had control for half a century, and 9.9 percent owned by television company Granada.

Thaksin said the Thai offer would inject 45 million pounds ($80.7 million) into the club, which needs investment to buy new players and help fund construction of a bigger stadium.

The rest will go to buy shares from existing shareholders.

Critics say the money will be wasted, but the Thai leader insists the deal will benefit local soccer and the country.

Thailand's cabinet agreed on Tuesday to set up a new company to manage the investment, and raise funds to finance the purchase.

It seeks to raise 10 billion baht ($245 million) via a one-off state lottery, with the proceeds to pay for the deal and "long-term sports development" in the country.

The new company will be 60 percent owned by the government and financed with lottery funds. The remaining 40 percent will be owned by the public who will own shares through the purchase of the lottery tickets.