Thaksin sells Man City to Arabs
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Thaksin Shinawatra has signed a memorandum of understanding with Abu Dhabi United Group (file photo). (Reuters)
Former Thai Prime Minister Thaksin Shinawatra has agreed to sell English Premier League club Manchester City to a company in the Middle East.
Thaksin has signed a memorandum of understanding with Abu Dhabi United Group, giving the Arab company a majority stake in Manchester City.
Under the deal Thaksin will become honorary chairman of the club and retain a shareholding.
Thaksin bought City last year and his ownership of the club has been constantly overshadowed by the problems he faces in Thailand.
A warrant was issued for his arrest last month after he failed to appear in court to face corruption charges.
His Thai assets, believed to be worth about $1.6 billion, have been frozen until the charges against him are resolved.
