City takeover by Arab investors finalized
MANCHESTER, England (AP) -- The takeover of the Premier League soccer team Manchester City by Abu Dhabi investors will be completed Tuesday.
The Abu Dhabi United Group, led by Sheikh Mansour Bin Zayed Al Nahyan, is buying the team from former Thai Prime Minister Thaksin Shinawatra in a deal believed to be worth more than $360 million.
Thaksin will retain a minority stake in the club. He came to Britain last month to escape corruption charges in Thailand and agreed to sell after his assets were frozen.
"My financial position has changed in the last 15 months and I thus felt it was in the best interests of everyone associated with the club that I hand over the reins to new owners who share similar ambitions and visions to my own for Manchester City," Thaksin said.
The Arab group's oil wealth will make City the richest team in international soccer. The club has promised to make more high-profile signings in the January transfer window after already luring Brazil striker Robinho from Real Madrid.
Robinho scored in City's 6-0 win over Portsmouth on Sunday.