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Manchester City say they have reached an agreement with the Abu Dhabi United Group for Development and Investment (ADUG) over the proposed sale of the club.

ADUG reportedly completed the takeover late last night after holding discussions with Dr Thaksin Shinawatra and the Premier League club have now confirmed an agreement has been reached.

The group have already set Mark Hughes, the City manager, the formidable task of finishing in the top four of the Premier League this season, adding that they want to attract the world's best footballers.

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

"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.

ADUG is expected to be represented on the new board by Dr Sulaiman Al Fahim, the chief executive officer of Hydra Properties, and he has already set out the group's vision for the Premier League club.

"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," Al Fahim said.

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

It is not known at this stage the exact size of the stake ADUG have bought from Thaksin, whose future at City as owner has been uncertain following the court proceedings started against him in Thailand, yet ADUG say the former Thai Prime Minister will remain at the club as honorary president with no administrative responsibilities.

ADUG are currently building a new football academy in Abu Dhabi in association with Inter Milan.