The
Royal Emirates Group of Companies wouldn't say exactly how much it paid for the
topflight Spanish club. But Kaiser Rafiq, a partner and managing director of
the business conglomerate, said the price ranged from $100 to $130 million.
The
group, chaired by Sheik Butti bin Suhail Al Maktoum, said the club's name will
remain unchanged but “Team Dubai” will be added to the team shirts, stadium and
other merchandise.
“We
are really glad today to be witnessing this great moment,” Sheik Butti said. “We
are really happy and glad to sign this contract with Spain's first division
Getafe.
We
are also happy to include the name Team Dubai. I hope this will improve
relations between the UAE and Spain.” The deal is aimed at further lifting the
profile of the indebted Gulf sheikdom, which has used high-profile tennis and
golf tournaments to lure tourists to its glitzy malls and five-star hotels.
Al
Maktoum is the latest Middle East investor to buy a European club, after Abu
Dhabi's Sheik Mansour took over English side Manchester City in 2008 and a
Qatar sheik purchased Spanish club Malaga in June.
There
have also been reports in recent months that the Qatari royal family was
considering a bid for Manchester United, but the Glazer family owners say they
don't want to sell the Premier League club.
Getafe
was founded in 1945 but has only been in Spain's top flight since being
promoted for the 2004-2005 season.
Since
then, it has lost two Copa del Rey finals. Last season, Getafe finished sixth
in the league.
This
season the modest Madrid club has struggled, winning only one of its last 10
games and is currently four points above the relegation zone.
Sheik
Butti's name suggests he is a member of Dubai's ruling Al Maktoum dynasty. He
is not among the family's most prominent members or part of the ruler's inner
circle, which runs Dubai's hereditary government.
Little
is known about the Royal Emirates Group of Companies.
Its
corporate website offers few details except that the conglomerate has interests
in 64 companies and brands - though it doesn't list any of them. The company
shares its phone number with a roommate referral service in the city-state, and
has said its businesses include operations in the oil and gas and real estate
sectors.
Royal
Emirates and its club bid are not believed to have direct ties to Dubai's
government or its ruler, Sheik Mohammed bin Rashid Al Maktoum.
The
sale comes as the sheikdom is grappling with a prolonged slump in its once
red-hot real estate market.
Earlier
this week, the Dubai Group was seeking to renegotiate the terms on its $10
billion debt - $4 billion of which is more than previously divulged.
The
disclosure highlights the serious financial challenges and transparency
problems still facing Dubai despite its success in renegotiating the terms on
$25 billion of state-linked debt.
The
group has not publicly commented on the higher debt tally, which was also
reported on Tuesday by the Emirati government-owned daily The National among
other publications.
Dubai
and its many government-controlled companies still owe more than $100 billion,
though the exact size of the debt has never been disclosed
