Manchester City have been taken over by the Abu Dhabi United Group for Development and Investment, according to reports.
The website for Arabian Business claims that a deal with current owner Thaksin Shinawatra was completed on Sunday evening.
The former Thai prime minister has been looking for new investment in the club, despite taking charge just over 12 months ago.
Shinawatra has helped bankroll a number of big-money transfers in the past but, with his assets currently frozen as he awaits trial in Thailand, doubts have been cast over his long-term future at the club.
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The Abu Dhabi United Group will be represented on the club's board by Dr Sulaiman Al Fahim, chief executive of Hydra Properties.
Fahim said: "We will release details later, but this is a great event for both the club and Abu Dhabi.
"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."
A statement from the club reads; "Manchester City Football Club can confirm that there are discussions ongoing with the Abu Dhabi United Group Investment and Development Limited with regards to investing in the football club. A further statement will be released by the Club when it is appropriate to do so."
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