Manchester City could soon have new owners after a United Arab Emirates-based business today claimed to have agreed a takeover.

The Abu Dhabi United Group for Development and Investment appear to be on the verge of taking control at Eastlands, buying up Thaksin Shinawatra's share in the Barclays Premier League club.

The deal is not fully complete, however a 'gentlemen's agreement' is believed to be in place.

A statement from the club revealed: "Manchester City Football Club can confirm that there are discussions ongoing with the Abu Dhabi United Group Investment and Development Limited with regards to investing in the football club.

"A further statement will be released by the club when it is appropriate to do so."

Group representative Dr Sulaiman Al Fahim told www.arabianbusiness.com: "We will release details later, but this is a great event for both the club and Abu Dhabi.

"Our goal is very simple - to make Manchester City the biggest club in the Premier League, and to begin with, to finish in the top four this season."

Former Thailand Prime Minister Thaksin took charge at City in July 2007 but his spell as owner looks to be at an end.

Al Fahim is the chief executive of Hydra Properties, a successful real estate development business in the UAE, and City's new owners are believed to have substantial wealth and considerable ambition for the club.

Al Fahim said: "We will adopt marketing plans that reflect positively on the club and the company from investments in all sectors of television marketing and purchasing of the star players, as well as development of infrastructure facilities at the club."

Thaksin had big plans for City when he took charge 14 months ago but his hopes have been dashed amid legal wrangling in his own country which currently see £1billion of his investments frozen.

The situation for Thaksin worsened further still recently when his wife, Pojaman, was sentenced to three years in prison on a variety of corruption charges, although she has since been released on bail.

Thaksin himself is facing similar charges but flew to England last month, on the day he was due to make a court appearance in Thailand.

He and his wife were due to return to their homeland in time to answer court in a separate property case.

Thaksin, who has always insisted the charges are politically motivated, said in a statement that he and his wife planned to stay in England "where democracy is more important".

In April, Thaksin claimed City would be a Champions League club in another year, and the apparent new owners, known as ADUG, are similarly optimistic.

Thaksin offered to resign from the board at Eastlands in August, executive chairman Garry Cook revealed.

Cook said at the time: "Dr Thaksin is embarrassed about the indignity brought on all the entities - the club, the Premier League - he never intended this.

"Dr Thaksin has been really open about this. He has said to me, 'If you need me to resign from the football club as a director, because it would serve the needs of the Premier League, then I'm fine with that as long as that doesn't change any other thing'."

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