THE ASSOCIATED PRESS
LONDON — Manchester City agreed to a takeover by a United Arab Emirates investment group, which immediately flaunted its financial clout by breaking the British transfer record to lure Brazil forward Robinho from Real Madrid on Monday.
The imminent buyout and Robinho’s surprising destination as the transfer window closed will raise hopes of a new era of cash-rich stability that former Thailand Prime Minister Thaksin Shinawatra failed to deliver during his brief ownership of the English Premier League club.
City trumped Chelsea’s pursuit by completing a four-year deal worth 32.5 million pounds (C$62.2 million) to eclipse the 31 million pounds (C$59.3 million) Andriy Shevchenko cost the Blues’ Russian billionaire owner Roman Abramovich in 2006.
"People will understand now there is another club that has the financial power to compete for any player in the world," City manager Mark Hughes said early Tuesday. "We are now there and in the mix … we have to attract world-class players and that’s what we’ve been able to do this evening."
While the Robinho deal was sealed, the Abu Dhabi United Group for Development and Investment will look at the club’s accounts and contracts before its takeover is completed.
Agreement was reached late Sunday 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 (C$382.9 million), although it was described only as a "huge takeover" which gives the consortium "all the management rights."
Thaksin, who bought Man City last June, will retain a minority stake and remain on the board as honorary president without any administrative responsibilities, al-Fahim said.
Thaksin 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.
The club said in a statement that a "memorandum of understanding" has been signed and the deal was subject to a due diligence, allowing investors to request information from Man City and the Premier League.
Al-Fahim, chief executive of Abu Dhabi-based developer Hydra Properties, said the group was attracted to the "richest European competition with more than US$3 billion revenue."
The new owner wants 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."
The 24-year-old Robinho will boost that quest.
"They wanted to present something to Manchester City fans and they have been able to do that (quickly)," said Hughes, who had yet to speak to Robinho.
Thaksin believed the club was 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 was third in the standings — one point behind leader Chelsea.
Unlike many of the Middle Eastern funds that have taken large stakes in international companies in recent years, City’s new owner was not affiliated with the government, al-Fahim said.
Al-Fahim said the little-known consortium was composed of "prestigious businessmen" in the UAE’s capital city, but he declined to name the group’s members. Al-Fahim said he represents the investors but was not himself one of them.
Al-Fahim pledged to clear any pending payments and solve the club’s financial problems.
"We will adopt marketing plans that reflect positively on the club and the company," al-Fahim said.
Al-Fahim said the deal was a "massive achievement" that will help make Abu Dhabi a global sports capital.
"We were looking for a deal that can support Abu Dhabi sport worldwide," he said. "I am opening a window for my UAE players to play in the Premier League. Our idea is to support the youth in the UAE, and to help the talented players to play in the UK and Europe."