Abu Dhabi United Group takes over Man City

September 3rd, 2008 - 9:44 pm ICT by Bupha Ravirot  

ADUG run by Abu Dhabi royal family the biggest of the United Arab Emirates, signed on Sunday night to take over 90% stake English Premier League soccer club Manchester City from the former billionaire prime minister of Thailand, Thaksin Shinawatra who has now become honorary chairman with a 10% shareholding.

The Abu Dhabi United Group for Development and Investment will look at the club’s accounts and contracts before completion of a deal believed to be worth $360 million.

Sulaiman Al Fahim who made his own fortune from property development talk about the purchase of City by his Abu Dhabi United Group said that

“By engaging into sport’s investment, ADUG aims to reinforce Abu Dhabi’s position as a capital of both sport and economic development through … supporting the emirate’s sports,”

“and attracting the world’s attention to the United Arab Emirates through this purchase of one of the oldest English clubs.”

The reason for the purchase of City was made quite clear that it is for the greater glory of Abu Dhabi.

Thaksin Shinawatra bought Man City in June 2007 said

“I am delighted to be building this new partnership with Abu Dhabi United, who share my vision for Manchester City to join the top”

“I look forward to this new partnership delivering great things.” he added.

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Posted in Business, Sports, Thailand |

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