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According to a spokesperson for the United Arab Emirates city, Abu Dhabi will take over the club imminently after striking a deal late on Sunday night.
Dr. Sulaiman Al Fahim, who will take a seat on the board, told ArabianBusiness.com, "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."
Thaksin Shinawatra, the former owner, is said to be in line for an "honorary" presidential position - one of a figurehead that brings with it no powers whatsoever.
According to Al Fahim, ADUG's takeover terms include clearing any pending debts and also strengthening the squad with "top four" players.
Shinawatra's reign as owner, then, comes to an end amidst controversy. The former Thai Prime Minister is embroiled in legal battles in his home country, with rumours of financial difficulties abounding.
City have confirmed that Shinawatra is to sell up, with Dr Khalid Kadfour Al-Muhairy of the Emirates Group overseeing the handover between Al Fahim and Shinawatra.
Economical
ADUG stated that they bought into the club for both sporting and economic reasons:
"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," he said.
"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.
"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."
Abu Dhabi is already involved in football, being part-owners of a youth academy that's run in partnership with Internazionale of Milan.
While their promises for City are huge, it remains to be seen how they deal with the club that Shinawatra has left behind.
I remember his days at Barca. What a disaster.
He was very young and didn't have the manager to guide him. C.Ronaldo also struggled in his first season at man utd but Alex Ferguson helped him. Quaresma had Rijkaard who didn't know how to guide him.
Rafael Benitez has signed 18-year-old Brazilian striker Vitor Flora on a free transfer.
Flora spent last season with Brazilian club Botafogo.
He holds an Italian passport, which avoids any work permit issues in a fellow-EU member country, and could make his Liverpool debut as early as tomorrow night when reserve team manager Gary Ablett takes his team to the Riverside to face Middlesbrough.
That will depend upon Flora’s necessary international clearance being obtained in time.
Flora joins compatriots Fabio Aurelio, Lucas Leiva and Diego Cavalieri on the Anfield payroll.
Sky Sports News have confirmed that Manchester City have tabled a bid in excess of £30million for the silky striker, if the transfer is to be pushed through it will smash the British record.
Abu Dhabi United Group for Development and Investment are understood to have taken over ownership of Manchester City. A top four finish is an essential requirement for the incoming board, and the first piece of business they wish to complete is the steal of Berbatov from rivals Manchester United - a piece of news that was first reported by the Sofia Echo and the Manchester Evening News.
Dr Sulaiman Al Fahim, the figure spearheading the City takeover, has been described as a headline maker in his native region and is ready to complete a 'Hollywood' signing before the close of business tonight.
It could, perhaps, lead to a bitter stand-off between City and United and to the first battle for City's quest for parochial dominance.
Spurs however are allegedly keen to now deal with United, despite their initial wariness of selling another asset to the League champions. The inclusion of Fraizer Campbell in a player plus cash swap deal is seen as a key component in the north London club's change of heart.
Hughes - Berba bid accepted
City boss plans to meet with Spurs striker
Last updated: 1st September 2008
City make shock Berbatov bid
Mark Hughes has told Sky Sports News that Spurs have accepted Manchester City's shock bid for Dimitar Berbatov.
The Bulgaria international has been a target for Premier League champions Manchester United throughout the summer, but City have now stepped in with an audacious last-minute move.
City's offer for Berbatov is reported to be in excess of £30million and would set a new British transfer record.
Hughes revealed that a fee had been agreed with the North London club and he now plans to hold talks with the talented striker.
Hughes said: "I'm as stunned and excited by this as the fans are."
Berbatov has been left out of Juande Ramos' plans for the club's last two matches, with the coach feeling his presence was a disruptive influence on the rest of the squad.
United boss Sir Alex Ferguson admitted at the end of last week he was unsure if the deal would go through before Monday's midnight deadline.
But talks between the two clubs were believed to be ongoing as the clock ticked down.
However, City have now joined the race and are looking to hijack the move, having earlier sold Vedran Corluka to Spurs.
I know its wrong but i will laugh my ass off if this goes through.
I know its wrong but i will laugh my ass off if this goes through.
Same. A transfer classic![]()