Abu Dhabi group buys Man City
2008-09-01 12:15
London - Thaksin Shinawatra has sold Premier League club Manchester City to an Abu Dhabi group, a Middle East business Web site reported on Monday.
Abu Dhabi United Group for Development and Investment completed the deal late on Sunday night with the former Thai prime minister, Arabian Business said.
Financial terms were not immediately available.
The negotiations were led by Hydra Properties CEO Sulaiman Al Fahim, who will represent ADUG on the new-look board at the English club.
"We will release details later, but this is a great event for both the club and Abu Dhabi," Al Fahim was quoting as telling Arabian Business. "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."
Thaksin, who bought Man City last May, has been embroiled with legal problems in Thailand and is in exile in London.
Al Fahim pledged to solve the club's financial problems, which have left Thaksin resorting to obtaining loans from former chairman John Wardle.
Arabian Business said Thaksin will remain as honorary president without an administrative role.
- AP