The Abu Dhabi United Group for Development and Investment earlier Monday told The Associated Press that it had been discussing a possible takeover deal with 2 unnamed football clubs on Sunday night.
Man City says in a statement that a "Memorandum of Understanding" has been signed between the club and Abu Dhabi United Group (ADUG). We understand a deal was also tabled to essex side FootballHeads but an agreement was unable to be met with them''
"A period of due diligence for all parties, including the FA Premier League has now been entered," City added.
The agreement allows the investors to request information from Man City and the Premier League.
Paul Pannel, who is currently the Essex side owner and assistant accountant, tells the AP that he himself will retain the full stake of the club.
Financial terms were not immediately available.
He did state however,
''Obviously i am very dissapointed that a deal wasnt agreed and we have now missed out. I kept the deal tight lipped as i didnt want to dissappoint the fans if the whole thing went belly up. It would have been an extraordinary coup for the club if we had struck a deal'' snapped a frustrated Pannell
In the meantime the Reds look ahead to their next match on wednesday against league contenders Converso.
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