Dhul Qadah 29 is the last day for Umrah pilgrims to leave the Kingdom 90-day duration of visa begins from the date of entering the Kingdom; Hajj Ministry clarifies    Centuries-old defensive moat and fortification wall unearthed in Historic Jeddah    7,700 commercial disputes resolved via Taradhi platform, says Ministry of Justice    'Saudi hospitality sector to generate SR42 billion investments and 120,000 jobs by 2030'    Chinese workers disagree with West over mass production claims    IMF forecast: Saudi economy to record 2nd highest global growth rate in 2025    EU's Josep Borrell warns Middle East 'on edge of regional war'    Indonesia issues tsunami alert after volcano erupts on remote island    US Senate kills the articles of impeachment against Alejandro Mayorkas    Dubai airport reopens after UAE suffers heavy rain    Poignant shot from Gaza wins World Press Photo of the Year 2024    NEOM launches 'Discover NEOM' China showcase with top industry leaders    Al Ain ends Al Hilal's record streak with a 4-2 win in AFC Champions League semi-final    Saudi Pro League postpones Al-Hilal vs. Al-Ahli match; Al-Ahli rejects rescheduling    50% traffic fine reduction takes effect    'Zarqa Al Yamama': Tickets now available for Saudi Arabia's first opera premiering April 25    AFC postpones Al Ain vs Al Hilal semi-final match due to weather conditions    Turki Alalshikh announces groundbreaking 5 vs 5 Riyadh Season bout featuring international boxing stars    Diriyah Biennale Foundation announces shortlist for AlMusalla Prize, set to revolutionize musalla architecture    Fourth Gulf Film Festival kicks off in Riyadh, scaling up Saudi movie industry Event extends over 5 days with the screening of 29 diverse films    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Abu Dhabi group buys Man. City from Thaksin
Published in The Saudi Gazette on 02 - 09 - 2008

Manchester City agreed Monday to a takeover by a United Arab Emirates business group, ending former Thai Prime Minister Thaksin Shinawatra's brief ownership of the Premier League club.
The Abu Dhabi United Group for Development and Investment will now look at the club's accounts and contracts before a takeover is completed.
The group reached agreement late Sunday night with Thaksin, board member Sulaiman Al-Fahim, who brokered the deal, told The Associated Press. It is believed to be worth up to 200 million pounds (US$360 million).
Thaksin will retain a minority stake and remain on the board as honorary president without any administrative responsibilities, Al-Fahim said.
The club said in a statement that a "memorandum of understanding" has been signed and the deal is subject to a due diligence, allowing investors to request information from Man. City and the Premier League.
Financial terms were not immediately available, but the UAE group described it as a "huge takeover" which gives the consortium "all the management rights." Thaksin, who bought Man City last June, had his assets frozen and fled to Britain last month to escape corruption charges in Thailand, claiming that he couldn't be assured of a fair trial.
Al-Fahim - chief executive of Abu Dhabi-based developer Hydra Properties - reached the deal at the Abu Dhabi Emirates Palace Hotel with Thaksin and Khalid Kadfour Al-Muhairy, the legal chief of the Emirates Group.
Al-Fahim said the group was attracted to the "richest European competition with more than $3 billion revenue." The new owner wants manager Mark Hughes to deliver Champions League qualification by breaking into the top four of the Premier League.
"We will give support to the club by investing and buying new players," Al-Fahim told the AP. "My goal is to make Manchester City one of the top four clubs in the Premier League." Thaksin believes the club is stronger after his period in charge.
"I am delighted to be building this new partnership with Abu Dhabi United, who share my vision for Manchester City to join the top tier of British football brands on an international stage," Thaksin said. "With Mark Hughes at the helm and some strong player signings the club is very well positioned for this season and beyond.
"I look forward to this new partnership delivering great things."
The new owner said he wants a league title next season, and a Champions League triumph the year after.
Man City has gone without a major trophy since 1976 when it won the League Cup, English football's second-tier knockout tournament. City last won the league title in 1968.
After two wins in the first three matches of the season, City is third in the standings - one point behind leader Chelsea. – AP __


Clic here to read the story from its source.