Thaksin Sells Manchester City
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England - Abu Dhabi Group complete City deal
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.'
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When is Osama gona show his face the man city fans :D