Manchester City officials have confirmed that a Middle East company is in the process of taking over the club from Thai owner Thaksin Shinawatra.
A memorandum of understanding (i.e. a statement of intent) has been signed between 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,” according to a statement made by Manchester City.
ADUG reportedly paid £200 million to buy Manchester City.
This is disgraceful. The club has been handed from one despot to potentially another and not living within its means. As a City supporter I hope a Luton/Leeds collapse is not coming. I’d be more comfortable with a British owner who was simply committed to the football club for football purposes and not investment and would have the funds to steer us permanently clear of relegation.
Come on Kartik – it has huge benefits for City; the new owners are richer than Abramovich – new Chelski I wonder?
From what I hear, the new investment group has actually brought Citeh out of debt and based upon their bids for Berbs, Villa and Gomez, they must have some money to throw around.