Arab billionaire owner has high hopes for Manchester City

DUBAI - Manchester City's new owner, young Emirati billionaire Suleiman al-Fahim, on Tuesday set the target of a top four finish for the Premier League club.

"What happened is great for the club and for Abu Dhabi," capital of the United Arab Emirates, he told Al-Khaleej newspaper.

"Our goal is simple: it is to make Manchester City the biggest club in the English League ... and for a start it must finish the season in fourth place," he said.

Fahim, 31, has agreed to acquire a majority stake in City, subject to due diligence, from former Thai prime minister Thaksin Shinawatra, who will remain on the club's board as a shareholder and honorary president.

The Arab businessman chairs the Emirati chess federation and is an honorary member of local first division club Al-Ain, winners of the 2003 Asian Champions League.

He has not disclosed the amount he is paying for City when he made the purchase on Monday on behalf of the Abu Dhabi United Group for Development and Investment, of which he is a board member.

The Khaleej Times's news website said the transaction gives his group full management rights.

The National, an English-language Abu Dhabi daily, estimated the value of the buy-out at 177 million dollars.

Khaleej Times said Fahim and the Abu Dhabi United Group for Development and Investment hoped it would help make Abu Dhabi a "global sports capital" and that they planned to buy more clubs outside Britain.

The website also quoted Fahim as saying negotiations were underway to sign new players to strengthen Man City - including three top European players, with plans to import Emirati players to the Premier League in the future.

Already on Monday, Man City signed Brazilian striker Robinho on a four-year contract for a fee understood to be a British record of 32 million pounds (57 million dollars).

Fahim, a real estate magnate at the head of Hydra Properties, a company he founded only two years ago, said that he plans to turn around City's financial fortunes.

"We will adopt marketing plans that reflect positively on the club and the company," he said, adding he hoped City could be listed on the Abu Dhabi Securities Exchange.

His Hydra Properties, meanwhile, is building a football academy in the Emirates in tandem with Italy's Inter Milan.

According to Fahim's official biography, the new City owner is described as a dynamic businessman who sits on the boards of several real estate and finance companies.

Arabian Business magazine last year listed Fahim as the 16th most influential financial figures in the region.

Shinawatra will remain on City's board after selling out to Fahim a majority stake in the club after his assets were frozen as a result of corruption and fraud charges in Thailand.