Business | Investment
Abu Dhabi United Group buys Manchester City
Abu Dhabi United Group for Development and Investment (ADUG) has bought the English football club Manchester City, Dr Sulaiman Al Fahim, chief executive officer of Abu Dhabi-based real estate developer Hydra Properties, told Gulf News on Monday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 17:20 September 1, 2008
- Al Fahim (right) celebrates after Abu Dhabi United Group for Development and Investment has signed a Memorandum of Understanding for buying Manchester City, but the amount paid for the acquisition was not disclosed.
- Image Credit: Supplied picture
Abu Dhabi: Abu Dhabi United Group for Development and Investment (ADUG) has bought the English football club Manchester City, Dr Sulaiman Al Fahim, chief executive officer of Abu Dhabi-based real estate developer Hydra Properties, told Gulf News on Monday.
"The amount paid for the acquisition of the club cannot be disclosed. The acquisition will help the Abu Dhabi brand name and allow talented UAE players to play in the premier league and get access to all the world class opportunities that exist," said Al Fahim by telephone.
Al Fahim, a member of the Abu Dhabi United Group board, was the architect of the deal. Former Thailand Prime Minister Thaksin Shinawatra was the previous owner of Manchester City, one of the oldest English clubs founded in 1880.
Formal approval
Thaksin had been looking to sell City for several weeks after his assets were frozen as a result of corruption and fraud charges in Thailand.
On its website Manchester City 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 Limited.
"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."
"Within a month, we expect to get a formal approval from the authorities in the UK for our acquisition of the club, said Al Fahim.
A statement by Hydra Properties said Abu Dhabi United Group had been in a series of negotiations with Thaksin to purchase the club, until it successfully signed the agreement of purchase.
The purchase agreement gives ADUG all management rights, and Thaksin will be honourary president of the club without administrative responsibilities.
ADUG will also solve all the club's problems and clear any pending payments, and will comprehensively support the club.
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