A United Arab Emirates-based business today claimed to have completed a takeover of Manchester City. The Abu Dhabi group United for Development and Investment Company are claiming to have bought out Thaksin Shinawatra their participation in the Barclays Premier League club.
Group representative Dr Sulaiman Al Fahim www.arabianbusiness.com said: "We will announce the details later, but this is a great event both for the club and Abu Dhabi." Our goal is simple - to make Manchester City the biggest club in the Premier League, and to start to finish in the top four this season. "
Former Thai Prime Minister Shinawatra took over at City in July 2007, but reports indicate that he has left the club. Al Fahim said: "We will adopt marketing plans that reflect positively on the club and business investment in all sectors of television marketing and buying star players as well as the development of infrastructure facilities at the club."
Abu Dhabi, United Development Group has confirmed it has bought Manchester City, although other reports indicate the operation was still underway. Thaksin had big plans for the blues when he took over 14 months ago, but their hopes have been dashed amid legal disputes in their own country which currently see £ 1billion of frozen their investments.
The situation worsened for Thaksin even more recently when his wife, Pojaman, was sentenced to three years in prison for a series of corruption allegations, but has since been released on bail. Thaksin himself is facing similar charges, but flew to England last month, the day he was due to a court appearance in Thailand.
He and his wife were due to return to their homeland in response time in a court case property. Thaksin, who has always insisted the charges are politically motivated, said in a statement that he and his wife planned to stay in England "where democracy is more important."
Only in April, Thaksin claimed the city would be a Champions League club in another year, and the apparent new owners, known as ADUG, who share the ambition. Thaksin offered to resign from the Board at Eastlands in August, Executive Chairman Garry Cook revealed.
Cook said at the time: "Dr Thaksin is embarrassed about the indignity that all entities - the club in the Premier League - he never intended this.
"Dr Thaksin has been really open on this issue. He told me, 'If I need to renounce the charge that the football club as a director since serving the needs of the Premier League, then I'm fine with so that as long as that does not change anything else. "
Cook also Thaksin has admitted the financial constraints but refused to be a major problem for the city.
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