Manchester City have been taken over by the Abu Dhabi United Group for Development and Investment, a statement released to PA Sport on behalf of group representative Dr Sulaiman Al-Fahim said on Monday.
The deal has been agreed between Al-Fahim and City's owner Thaksin Shinawatra, with Dr Khalid Kadfour Al-Muhairy, the head of the Emirates Group for advocate and legal consultants also involved in the negotiations, the statement confirmed.
The statement read: "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."
The statement added that Shinawatra will retain a role as "honorary president of the club without any administrative responsibilities".
It also stated that the deal was signed at Abu Dhabi Emirates Palace Hotel, and was considered a "massive achievement for the Emirate of Abu Dhabi".
It continued: "By engaging into sport's investment, Abu Dhabi United Group for Development and Investment aims to reinforce Abu Dhabi's position as a capital of both sport and economic (development), through...supporting the Emirate's sports and attracting the world's attention to UAE through this purchase of one of the oldest English clubs.
"The company believes this step will open new horizons for the talented and gifted nationals...to develop their skills."
The club also released a statement which 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."