Manchester City's new owners take over Tuesday

New owner Sheikh Mansour bin Zayed al Nahyan will take over from Thaksin from Tuesday, UK media reported Monday.

In a letter to the fans today, Mansour said he would invested in the club and bring in the best talent off and on the pitch. Mansour said he would not be making any announcements in the near future and would enter a period of "listening" to learn how the club worked.

Khaldoon Al Mubarak has been appointed as the new chairman of the club.

Outgoing chairman Thaksin said, "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."

Mansour said, "In cold business terms, Premiership football is one of the best entertainment products in the world and we see this as a sound business investment. That being said, we understand that we need to put money in to get the club to where we believe it can be — and where we think you the fans want it to be.

We are aware also that the club has a significant role in the community going back years. As newcomers, we don't pretend to understand all of this yet, but we will make sincere efforts to back these initiatives and ensure that Manchester City loses none of its role in Manchester beyond football and we want the club to continue to contribute to the community it represents."

The Abu Dhabi United Group was set up specifically for the purchase of Manchester City. It is 100 per cent owned by Mansour.