Sport | Football
Manchester City target the top four spot
Abu Dhabi United Group-owned team to go all out to become one of the best in European leagues.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:15 September 2, 2008
- Manchester City players celebrate defeating Danish team FC Midtjylland in a penalty shootout in the second round second leg qualification of the Uefa Cup at the SAS Arena in Herning, western Denmark, on Sunday.
- Image Credit: EPA
London: Having completed the takeover of Manchester City on Monday, the new owners, Abu Dhabi United Group (ADUG), signalled their immediate intent to take on the Premier League's elite by launching audacious raids for some of the world's best players.
He made it clear he meant business on a dramatic transfer window deadline day, as City tried to derail Manchester United's pursuit of Dimitar Berbatov and then tabled huge bids for Valencia's David Villa, Stuttgart's Mario Gomes and Real Madrid's Robinho.
Last week, City also sounded out Liverpool about a potential pounds £45 million deal for Fernando Torres.
ADUG, who also considered investing in Newcastle, Liverpool and Arsenal, have agreed a deal to buy 90 per cent of City.
The agreement allows the previous owner Thaksin Shinawatra to remain at Eastlands on the board as honorary president "without administrative responsibilities", while retaining a 10 per cent share in the club.
The deal began to take shape last month when Thaksin, who bought Manchester City for £81.6 million last July, let it be known to potential investors that he wanted to sell his stake.
Some approvals needed
It was completed in principle late on Sunday night and City said in a statement that a "memorandum of understanding" had been signed with the deal subject to due diligence. "The agreement has been reached, but we still have to get some approvals,'' said Dr Sulaiman Al Fahim, chief executive officer of Hydra Properties.
"It is really about formalities. It is more about securing approval from the authorities in England. I don't foresee any problems with the club itself.''
Al Fahim plans to travel to England shortly to meet Premier League officials and intends to bring in several new board members over the next three or four months.
Long-term aim
It is expected that Al Fahim will take a place on the board, with manager Mark Hughes having already been informed that the club's target will be finishing in the top four and qualification for the Champions League.
In the long term, the aim is to win both the Premier and Champions League. The example of Roman Abramovich has been closely studied and ADUG are prepared to follow the path that has guided Chelsea's Russian owner towards gathering five trophies, including two Premier League titles, during his five years at Stamford Bridge.
"We haven't had a lot of time, but our idea is to bring in more players during the next transfer window. I don't want to put a figure on what will be available, because more than that might be needed.
"I like to have a challenge and looked at Manchester City as a club where you can add a lot and make them into one of the top four clubs.''
Hughes added: "It's happened quite quickly. There is a real buzz and expectation and hopefully this time it won't be a false dawn."
About the company
Abu Dhabi United Group for Development and Investment (ADUG), which bought the English football club Manchester City, is a company owned by a consortium of private investors from Abu Dhabi and was founded earlier this year, Dr. Sulaiman Al Fahim, the chief executive officer of Abu Dhabi-based real estate developer Hydra Properties told Gulf News yesterday.
Al Fahim, a member of the Abu Dhabi United Group board, was the architect of the Manchester City deal.
Al Fahim declined to name the investors in ADUG, the company's seed capital and its net worth, citing confidentiality.
"ADUG is working on buying land banks in the UAE and abroad and is investing in equities and properties worldwide," said Al Fahim, declining to elaborate further.
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