A Middle-East company, Abu Dhabi United Group Investment and Development (ADUG), claims to have completed a takeover over Premier League club Manchester City today.

The group claims to have bought the club from City's owner Thaksin Shinawatra but no financial details were revealed at this stage.

"The investment services and development in Abu Dhabi, has successfully completed the huge takeover of the English club (Manchester City), one of the most prominent and oldest English clubs," today's group statement read.

City later reported that the deal is moving towards completion.

In a statement, the club said: "Manchester City can confirm that a Memorandum of Understanding has been signed between the Abu Dhabi United Group (ADUG) and Manchester City Football Club.

"A period of due diligence for all parties, including the FA Premier League has now been entered.

"A further statement will be released by the club in due course."

City executive chairman Garry Cook also told the Manchester Evening News: "It is no secret we have been seeking strategic partnerships for some time but at this stage we cannot say much more for legal reasons."

The ADUG statement claimed that the deal gave it "all management rights" over City, while Thaksin would become honorary president of the club "without any administrative responsibilities".

Thaksin has been looking for new investment in the club, despite taking charge just over 12 months ago.

The owner has helped bankroll a number of big-money transfers in the past but, with his assets currently frozen as he awaits trial in Thailand, doubts have been cast over his long-term future at the club.

ADUG will be represented on the club's board by Dr Sulaiman Al Fahim, chief  executive of Hydra Properties.

Fahim said: "We will release details later, but this is a great event for both the club and Abu Dhabi.

"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."