Manchester City taken over by Abu Dhabi group
The Abu Dhabi United Group for Development and Investment have taken over Manchester City. Controversial club owner, Thaksin Shinawatra, has agreed a deal with the Emirates Group which will see him stay on as honorary president.
While no financial details were released it is believed that the Dubai based consortium bought City for £200m and are willing to invest large lumps of their estimated £30 billion fortune into turning the Blues into one of Europe's elite teams. An official statement announcing the deal claim that City will qualify for next year's Champions League, but that's easier said than done.
If Mark Hughes' side have any hope of battling for a Champions League place they'll need to sign some players. Already the Daily Mail is reporting that the new owners are planning an audacious £30m bid for Spurs' Dimitar Berbatov who looked set for city rivals United. Well that's one way to make yourself instantly popular with the City faithful.