City takeover confirmed

Abu Dhabi United Group deal agreed

Last updated: 1st September 2008   Subscribe to RSS Feed

City takeover confirmed

Manchester City: Takeover confirmed

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Manchester City are to be taken over by the Abu Dhabi United Group for Development and Investment (ADUG).

The deal has been agreed between City's owner Thaksin Shinawatra and group representative Dr Sulaiman Al-Fahim, chief executive of Hydra Properties.

Dr Khalid Kadfour Al-Muhairy, the head of the Emirates Group for advocate and legal consultants has also been involved in the negotiations.

No financial details were 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," the statement read.

And a statement on City's official website read: "Manchester City can confirm that a Memorandum of Understanding has been signed between the Abu Dhabi United Group (ADUG) and Manchester City Football Club.

"A period of due diligence for all parties, including the FA Premier League has now been entered. A further statement will be released by the club in due course."

Honorary president

The statement added that Shinawatra will retain a role as "honorary president of the club without any administrative responsibilities".

The former Thai prime minister has been looking for new investment in the club, despite taking charge just over 12 months ago.

The statement from Hydra added that the deal was signed at Abu Dhabi Emirates Palace Hotel, and the deal was considered a "massive achievement for the Emirate of Abu Dhabi".

The statement also said that Al-Fahim had pledged to "solve all the club problems and clear any pending payments, and will comprehensively support the club by bringing the best football players in the world" to Eastlands.

Success in the Premier League, but also "European and world level" would be the aim, with "the qualification of Manchester City to the European Champions League (for) next season 2009-10" also highlighted in the statement.

Al-Fahim added: "We will adopt marketing plans that reflect positively on the club and the company."

Comments (4)

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Paul Latham (Manchester City fan) says...

We just hope the investment that has happened does not push prices up for season tickets and price a genuine fan of going to the games. I just hope they don't forget the fans who without there support would be nothing. We just want to be back where we belong with the top four clubs!

Posted 14:39 1st September 2008

Tom Ellis (Blackburn Rovers fan) says...

Richard Fenton: Why do you think Man City 'belong' in the top 4? They don't have any particular history of finishing in the top 4 - only 12 top 4 finishes in their entire history - compared to Man Utd for instance who have 12 top 4 finishes in the last 12 years alone. There are plenty of other teams who 'belong' in the top 4 ahead of Man City.

Posted 14:20 1st September 2008

Morten Fetterlein (Tottenham Hotspur fan) says...

Back where you belong? Is that supposed to be the top 4? :) No offense mate, but I reckon a couple other clubs belong there before you do! And on the topic of ownership I agree, who cares as long they do a proper job. We have seen a lot of others promising the world without delivering, though.

Posted 14:03 1st September 2008

Richard Fenton says...

Who cares who owns us as long as they look after the club and bring a bit of stability, something that has been missing for a very long time. Let¿s get some good signings, SWP is a good start and get back where we belong, a top four club.

Posted 11:09 1st September 2008
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