Club takeover update
- Sun 21 Sep 2008, 1:30PM
- Posted byTim Oscroft
Following the announcement on 1st September 2008, relating to the potential investment in Manchester City Football Club Ltd by Sheikh Mansour bin Zayed al Nahyan and his group, the Club is delighted to confirm that the process of due diligence has now been concluded by all appropriate parties.
As a result of the conclusion of negotiations and all related contracts, the purchase of the football club from UK Sports Investments Ltd (UKSIL) has been finalised and the formal change of ownership of the football club will take place on Tuesday 23rd September 2008 and a further statement will be issued in due course.
Speaking of the sale of the football club, outgoing Club Chairman, Dr Thaksin Shinawatra said,
“I have thoroughly enjoyed my time with Manchester City and watching the team progress in such a short space of time.
“When I bought Manchester City the club had been languishing in the bottom half of the Premier League and had an uncertain future.
“We invested in new talent and management and have been delighted by the success that has brought to the club.
“The supporters of Manchester City have been wonderful to me. They have made my family and I welcome and we have enjoyed meeting them enormously. They are passionate about their football club and deserve success.
“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.
“I look forward to attending as many matches as I can and watching the new owners build on the platform we have established in the last 15 months.
“Finally may I thank the City Council for their support to the Club and also to the staff of Manchester City for all their hard work and dedication, I wish them all continued success for the future.
“Last but not least, may I thank H. H. Sheikh Mansour for his kind support to Manchester City and to my family during my difficult time which will never be forgotten.”