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Man City takeover to be completed on Tuesday
Sun, Sep 21, 2008
AFP

MANCHESTER, England - 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.

Sheikh Mansour, a member of the Abu Dhabi royal family, gave his backing to City manager Mark Hughes in a statement that addressed concerns that ADUG would treat the club as a play-thing with no concern for its long term future.

"We want to make it clear that Mark Hughes is absolutely integral to our plans," Mansour said.

"We are lucky to have someone who we believe is the best young British manager; someone who has been successful on the global stage, the Premier League and of course as a player.

"We are ambitious for the club, like you, but not unreasonably so and we understand it takes time to build a team capable of sustaining a presence in the top four of the Premier League and winning European honours."

Mansour insisted that ADUG want Hughes to use the club's promising youth academy graduates as well as giving him the funds to sign top players.

"We know a little of the history at City also and whilst we want to bring in the best players in the world, we also want to see the academy continue to develop talent and give Mark Hughes the chance to bring home-grown players into the team," he said.

"We consider Mark Hughes to be one of the prime assets of the club. We will back his judgement in what players to bring in and we look forward to working more closely with him in the future.

"We are building a structure for the future not just a team of all-stars.

"I am a football fan, and I hope that you will soon see that I am now also a Manchester City fan.

"But I am also a long-term investor and that is probably more important to the club and to you because it means we are here for the long haul and that we will act always in the best interests of the club and all of its stakeholders, but especially you the fans."

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, who will stay as an honorary president, admitted the sale should benefit the club.

"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."

 

 
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