Mark Hughes has been told to lead Manchester City into the top four...sound familiar?

Abu Dhabi United Group for Development and Investment said in a statement that it completed the buyout with former Thai Prime Minister Thaksin Shinawatra.

The club said through its website that a memorandum of understanding had been reached between the two parties and "a period of due diligence for all parties, including the FA Premier League has now been entered."

Financial terms were not immediately available, but the group described it as a "huge takeover'' which gives them "all the management rights.''

The group said the deal is a "massive achievement'' that it hopes will help make Abu Dhabi a global sports capital.

Assets frozen

Thaksin, who bought Man City last May, 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.

He will remain on the board as honourary president without any administrative responsibilities.

Hydra Properties CEO Sulaiman Al Fahim, a member of the group's board, completed the deal at the Abu Dhabi Emirates Palace Hotel with Thaksin and Khalid Kadfour Al-Muhairy, the legal chief of the Emirates Group.

"Abu Dhabi United Group for Development and Investment has been into a series negotiation with Shinawatra in order to purchase the club, until (it) successfully signed the agreement of purchase, which (we) consider as a massive achievement for the Emirate of Abu Dhabi,'' the statement said.

Al Fahim pledged to clear any pending payments and solve the club's financial problems, which have left Thaksin resorting to obtaining loans from former chairman John Wardle.

"We will adopt marketing plans that reflect positively on the club and the company,'' Al Fahim said.

Top four finish

The group said it would invest in signing of new players and development of the club's facilities, but has demanded manager Mark Hughes delivers Champions League qualification by breaking into the top four of the Premier League.

After two wins in the first three matches of the season, City is third in the standings, one point behind leader Chelsea.

"The excellent English league is the richest European competition with more than $3 billion revenue,'' the statement said.

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