MANCHESTER City FC have agreed a £150m takeover.

The Abu Dhabi United Group for Development and Investment (ADUG) today issued a statement saying it has bought a majority share in the club.

Abu Dhabi-based property developer Dr Sulaiman Al Fahim will represent the new owners in the City boardroom but former Thai Prime Minister Dr Thaksin Shinawatra may also keep a seat on the board.

Dr Shinawatra is facing corruption charges after fleeing from his homeland and has refused to return to face trial. A warrant has been issued for his arrest.

The investment will significantly strengthen the Blues financial position and the new major shareholders have already targeted Champions League football in the next two seasons.

City immediately signalled an intention to try to lure Spurs striker Dimitar Berbatov to Eastlands - on the day that Manchester United were also hoping to land the Bulgarian star.

It had been clear from a spate of recent big spending on stars such as Shaun Wright-Phillips that investment was in the pipeline.

"It is no secret that we have been seeking strategic partnerships for some time but at this stage we cannot say much more for legal reasons," declared executive chairman Garry Cook.

Another insider, however, called it a great day for the club and revealed that ADUG were intent on making City a genuine rival to the Premiership's big four with immediate effect and keen too to develop the Sportcity site.

News of the possible takeover surfaced in the Middle East overnight and a statement was later issued by ADUG saying the deal had been completed and that it was a "massive achievement for the Emirate of Abu Dhabi".

The statement added that Shinawatra will retain a role as “honorary president of the club without any administrative responsibilities”.

Dr Al Fahim, 31, who has emerged as the public face of ADUG, is CEO of a firm called Hydra Properties and a marketing expert.

He describes himself as a "Celebrity Executive Officer" and has been photographed with Hollywood stars and is known as the Donald Trump of Abu Dhabi after setting up an Apprentice-style reality TV show in the country.

The statement issued by ADUG said: "By engaging into sport's investment, Abu Dhabi United Group for Development and Investment aims to reinforce Abu Dhabi's position as a capital of both sport and economic (development), through...supporting the Emirate's sports and attracting the world's attention to UAE through this purchase of one of the oldest English clubs.

“The company believes this step will open new horizons for the talented and gifted nationals...to develop their skills.”

The statement said that Al Fahim had pledged to “solve all the club's problems and clear any pending payments, and will comprehensively support the club by bringing the best football players in the world” to Eastlands.

It added that the new owners were aiming for Manchester City to finish in the top four of the league this season and qualify for the Champions League.

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