Manchester City officials have confirmed that a Middle East company is in the process of taking over the club from Thai owner Thaksin Shinawatra.
A memorandum of understanding (i.e. a statement of intent) has been signed between between the Abu Dhabi United Group (ADUG) and Manchester City Football Club Limited.
“A period of due diligence for all parties, including the FA Premier League has now been entered,” according to a statement made by Manchester City.
ADUG reportedly paid £200 million to buy Manchester City.