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 __
