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Man City takeover to be completed on Tuesday

SoccerNews in English Premier League 21 Sep 2008

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Manchester City revealed on Sunday that Sheikh Mansour bin Zayed al Nahyan and his group will complete their takeover of the Premier League club on Tuesday.

City owner Thaksin Shinawatra agreed in principle to sell the club to Al Nahyan's Abu Dhabi United Group (ADUG) at the start of September and due diligence has been successfully completed.

City's prospective new owners quickly made their mark with a shock swoop for Brazil winger Robinho followed by reports of moves for the world's best players and they are now ready to officially move into Eastlands.

A statement on City's website confirmed that the handover of power will take place on Tuesday, with Khaldoon Al Mubarak becoming chairman.

“Following the announcement on 1st September 2008, relating to the potential investment in Manchester City Football Club Ltd by Sheikh Mansour bin Zayed al Nahyan and his group, the Club is delighted to confirm that the process of due diligence has now been concluded by all appropriate parties,” the statement said.

Thaksin was forced to sell City after having his assets frozen as a result of corruption and fraud charges in Thailand.

The former Thai prime minister admitted he was sad to leave City but he knows the sale should benefit the club in the long run.

“I have thoroughly enjoyed my time with Manchester City and watching the team progress in such a short space of time,” he told City's website.

“When I bought Manchester City the club had been languishing in the bottom half of the Premier League and had an uncertain future.

“We invested in new talent and management and have been delighted by the success that has brought to the club.

“The supporters of Manchester City have been wonderful to me. They have made my family and I welcome and we have enjoyed meeting them enormously. They are passionate about their football club and deserve success.

“My financial position has changed in the last 15 months and I thus felt it was in the best interests of everyone associated with the club that I hand over the reins to new owners who share similar ambitions and visions to my own for Manchester City.

“I look forward to attending as many matches as I can and watching the new owners build on the platform we have established in the last 15 months.

“Finally may I thank the City Council for their support to the Club and also to the staff of Manchester City for all their hard work and dedication, I wish them all continued success for the future.

“Last but not least, may I thank H. H. Sheikh Mansour for his kind support to Manchester City and to my family during my difficult time which will never be forgotten.”

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