Manchester City have completed a takeover deal with the Abu
Dhabi United Group for Development and Investment (ADUG).
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Dr Sulaiman Al Fahim: Led negotiations.
The move will see the club's former owner Dr Thaksin
Shinawatra, former Prime Minister of Thailand, leave Eastlands
after agreeing a deal to sell his share in the Premier League
outfit.
ADUG will be represented on the new board of Manchester City by
Hydra Properties CEO Dr Sulaiman Al Fahim, who has allegedly agreed
to release the club from debt.
The deal has been agreed between Al-Fahim and City's former
owner Shinawatra, with Dr Khalid Kadfour Al-Muhairy, the head of
the Emirates Group for advocate and legal consultants also involved
in the negotiations, the statement confirmed.
No financial details were initially revealed in the statement,
which was released by Samir Al-Neel, media and public relations
manager at Hydra Properties.
'The investment services and development in Abu Dhabi, has
successfully completed the huge takeover of the English club
(Manchester City), one of the most prominent and oldest English
clubs,' tr read.
Al Fahim also told Arabian Business: 'We will release
details later, but this is a great event for both the club and Abu
Dhabi.
'Our goal is very simple - to make Manchester City the
biggest club in the Premier League, and to begin with, to finish in
the top four this season.'
The club's future has been uncertain following legal problems
faced in Thailand by Shinawatra, who will stay on as honorary
president of the club without any administrative
responsibilities.
It is understood that negotiations began three weeks
ago, and were completed on Sunday night at Emirates Palace Hotel in
Dubai.
Al Fahimadded: 'We in Abu Dhabi United Company for Development
and Investment are keen to develop ways to provide support and care
for various sports activities to help build and develop a new
generation of young State, which represents the real wealth and the
future of this nation and the cornerstone for building the future
of our civilisation.
'As embodied in our mission to open new horizons in all kinds of
sports, it will enable them to enjoy healthy body and mind, thanks
to the lessons we have learned from the wise leadership in Abu
Dhabi.'
He added: 'We will adopt marketing plans that reflect
positively on the club and the company from investments in all
sectors of television marketing and purchasing of the stars
players, as well as development of infrastructure facilities at the
club.'