City confirm takeover agreement http://www.teamtalk.com/football/sto...078819,00.html
Manchester City have confirmed they have reached an agreement to be taken over by the Abu Dhabi United Group for Development and Investment.
The deal has been agreed between Al-Fahim and City's owner Thaksin 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.
Al-Fahim is chief executive of 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.
The statement added that Shinawatra will retain a role as "honorary president of the club without any administrative responsibilities".
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".
It continued: "By engaging into sport's investment, Abu Dhabi United Group for Development and Investment aims to reinforce Abu Dhabi's position as a capital of both sport and economic (development), through...supporting the Emirate's sports and attracting the world's attention to UAE through this purchase of one of the oldest English clubs.
"The company believes this step will open new horizons for the talented and gifted nationals...to develop their skills."
Al-Fahim said: "We in Abu Dhabi United Company for Development and Investment keen deep concern for ways to provide support and care for various sports activities to help build and develop a new generation...which represents the real wealth and the future of this nation and the cornerstone for building the future of our civilisation."
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."
City later reported that the deal is moving towards completion.
In a statement, the club said: "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."
City executive chairman Garry Cook also told the Manchester Evening News: "It is no secret we have been seeking strategic partnerships for some time but at this stage we cannot say much more for legal reasons."
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