Man City sold to Abu Dhabi for US$365m

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Thaksin Shinawatra has sold Manchester City to the Abu Dhabi United Group for Development and Investment.
It was reported that the outright takeover deal is worth US$365 million and was made late on Sunday night between the former owner and Middle-east based group.
ADUG will be represented on the new board of Manchester City by Hydra Properties CEO Dr Sulaiman Al Fahim.

Al Fahim, who led negotiations, confirmed on Monday the deal had been struck. He 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.”

Al Fahim stressed that the Group will solve all the club problems and clear any pending payments, and will comprehensively support the club by bringing in some of the best football players in the world.
Manchester City's official website has confirmed that there are discussions ongoing with the Abu Dhabi United Group Investment and Development Limited with regards to investing in the football club. They will reveal more when there are further developments.
City’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.

The deal was signed in the presence of Al Fahim, a member of the Group board and the successful architect of the deal, Shinawatra and Dr Khalid Kadfour Al-Muhairy, the head of the Emirates Group for advocate and legal consultants.

After sealing the deal for one of England's best known and oldest clubs, ABUG hope it will reinforce Abu Dhabi's position as a capital of both sport and economics.

Al Fahim said: "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."

The deal is a huge coup for Al Fahim. Through Hydra Properties he is already involved in several sports sponsorship deals, and is building a new football academy in Abu Dhabi with Italian soccer giants Inter Milan.

Dr Thaksin took over the club in July 2007 and was under scrutiny by the public ever since.