Manchester City owner Dr Thaksin Shinawatra has sold the club to the Abu Dhabi United Group for Development and Investment (Adug), according to reports.
The deal was completed yesterday evening after an agreement was reached between the former Thai prime minister and Dr Sulaiman Al Fahim, representing the conglomerate, according to Middle Eastern website Arabian Business.
Negotiations began three weeks ago, the website claims, and were concluded on Sunday, allowing the new owners to begin instituting their business plan immediately.
Arabian Business quotes Dr Al Fahim, who will represent the investment group on the club's board, as saying details will be released in due course, but describing the deal as "a great event for both the club and Abu Dhabi".
He added: "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."
However, Manchester City have attempted to quash the speculation by stating discussions are "ongoing… with regards to investing in the football club".
"A further statement will be released by the club when it is appropriate to do so," a spokesman said.
As part of the takeover deal, it is thought Adug will clear all the club's existing debts and free up substantial capital to drive activity in the transfer market this season.
The club had faced the prospect of being left behind after Dr Thaksin's assets in Thailand were frozen pending a possible trial in his home country for corruption.
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