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Arabianbusiness online reported that a deal with current owner Thaksin completed on Sunday evening.
The online said Thaksin 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.
The Abu Dhabi United Group will be represented on the club's board by Dr Sulaiman Al Fahim, chief executive of Hydra Properties.
Thaksin will be an honourary president with no administrative power.
"Our goal is very simple - to make Manchester City the biggest clup in the Premier League, and to begin with, to finish in the top four this season."
ADUG will be represented on the new board of Manchester City by Hydra Properties CEO Dr Sulaiman Al Fahim
Al Fahim, who led negotiations, confirmed on Monday the deal had been struck. He 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."
Al Fahim stressed that the Group will solve all the club problems and clear any pending payments, and will comprehensively support the club by bringing in some of the best football players in the world.
It is understood that negotiations began three weeks ago, and were completed on Sunday night at Emirates Palace Hotel in Dubai.
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