MANCHESTER, Sept 1: Former Thai prime minister Thaksin Shinawatra is on the verge of selling Manchester City to a United Arab Emirates-based investment group after the Premier League club on Monday confirmed both parties have signed a Memorandum of Understanding.

Thaksin has been looking to sell City for several weeks after his assets were frozen as a result of corruption and fraud charges in Thailand and finally appears to have found a buyer.

Reports on Monday claimed Abu Dhabi United Group for Development and Investment (ADUG) had completed the deal. City quickly issued a statement confirming that negotiations were close to a conclusion.

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 told the Manchester Evening News that the deal had been in the pipeline for a while.

“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,” he said.

Thaksin took charge at City in July 2007 but his spell as owner looks to be at an end.

He had big plans for the Eastlands club but his hopes have been dashed amid legal wrangling in his own country.

The situation for Thaksin worsened further still recently when his wife, Pojaman, was sentenced to three years in prison on a variety of corruption charges, although she has since been released on bail.

Thaksin himself is facing similar charges but flew to England last month, on the day he was due to make a court appearance in Thailand.—AFP