Only 'formalities' remain in takeover

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Al-Farim's group has agreed to acquire a majority stake in City, subject to due diligence, from Thaksin Shinawatra, who will remain on the club's board as a shareholder and honorary president.

"It is really about formalities," Al-Farim, referring to the due diligence process, told PA Sport. "It is more about securing approval from the authorities in England, such as the Premier League."

"I don't foresee any problems with the club itself. I need to check my diary and come over to England as soon as possible so I can meet people from the Premier League," he added.

Al-Farim confirmed that ADUG had also considered investing in City's Premier League rivals Arsenal, Newcastle and Liverpool before deciding to press ahead with a buy-out - thought to be worth around £150million - of the Eastlands outfit.

"We were attracted to the Premier League itself, and Arsenal, Newcastle and Liverpool were also possibilities," he said.

"We are very happy to become the new owners of Manchester City, one of the oldest clubs in England."

The Premier League has to give the takeover the go-ahead, and will carry out their standard fit and proper persons test of Al-Farim, who is a billionaire property developer.

Al-Farim will focus his efforts on putting together a new board at Eastlands, and he suggested that a former player, who enjoys a good rapport with the fans, could be appointed.

"We need to bring in several top board members over the next three or four months, and they will be able to help," he added.