A United Arab Emirates investment group says it is on the verge of completing a takeover of Premier League soccer club Manchester City.
The Abu Dhabi United Group for Development and Investment said Monday that it completed the buyout with the incumbent owner of the club, ex-Thai Prime Minister Thaksin Shinawatra.
The Premiership club confirmed later Monday that it had signed a memorandum of understanding with the Arab investors, but the takeover is subject to due diligence.
"A period of due diligence for all parties, including the FA Premier League has now been entered," the club said in a statement on its website.
The Abu Dhabi-based group reportedly has no connection to Dubai International Capital, the group who remain keen to buy out Tom Hicks and George Gillett at Liverpool. The new owners, known as ADUG, have voiced optimism about the Citizens' future. The group said it would invest in signing of new players and development of the club's facilities.
According to Hydra Properties CEO Sulaiman Al Fahim, a member of the group's board, the Arab owners will demand City coach Mark Hughes to qualify for Champions League by breaking into the top four of the Premier League.
The Abu Dhabi United Group for Development and Investment said Monday that it completed the buyout with the incumbent owner of the club, ex-Thai Prime Minister Thaksin Shinawatra.
The Premiership club confirmed later Monday that it had signed a memorandum of understanding with the Arab investors, but the takeover is subject to due diligence.
"A period of due diligence for all parties, including the FA Premier League has now been entered," the club said in a statement on its website.
The Abu Dhabi-based group reportedly has no connection to Dubai International Capital, the group who remain keen to buy out Tom Hicks and George Gillett at Liverpool. The new owners, known as ADUG, have voiced optimism about the Citizens' future. The group said it would invest in signing of new players and development of the club's facilities.
According to Hydra Properties CEO Sulaiman Al Fahim, a member of the group's board, the Arab owners will demand City coach Mark Hughes to qualify for Champions League by breaking into the top four of the Premier League.
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