Baaheeduk
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Manchester City are set to become the world’s richest football club after an Arab royal family that are even wealthier than Roman Abramovich signed a deal to buy the Barclays Premier League club.
The ultimate owners of Manchester City are understood to be members of the ruling family of Abu Dhabi, the oil-rich Gulf state. The Al-Nahyan family’s total holdings are said to be worth at least $26 billion (about £14.4 billion) and they have sporting interests that range from horses to motor racing. “Money is no object for these people,” a source close to the deal said. “They are buying the club because they like watching Premiership football.”
The acquisition of City from Thaksin Shinawatra, the billionaire former Prime Minister of Thailand, was led by Dr Sulaiman al-Fahim, one of the best-known businessmen in the Middle East. Al-Fahim has become known as “the Gulf’s Donald Trump” after the success of his real estate company, Hydra Properties. Hydra is building a number of skyscrapers in Dubai and is also involved in the Al Reem project, a man-made island near the city of Abu Dhabi.
The 31-year-old is one of the Middle East’s few “celebrity businessmen” and he is known to enjoy rubbing shoulders with A-list stars in Hollywood. Al-Fahim also has interests in football, having established an Inter Milan training academy in Dubai.
However, while the real estate magnate is probably rich enough to buy City on his own, sources close to the deal said that Al-Fahim was really a front man for the Al-Nahyan royal family. Al-Fahim arranged the deal and signed a memorandum of understanding to buy the club on Sunday night, but most of the money is being put up by a handful of sheikhs in the royal family. Among them is thought to be Sheikh Mansour bin Zayed al-Nahyan, chamberlain of the royal court in Abu Dhabi.
Sheikh Mansour, whose title is minister of presidential affairs, is the half-brother of the President of United Arab Emirates and a full brother of the Crown Prince of Abu Dhabi. He is, therefore, one of the most powerful men in the Gulf and, although his personal wealth is unknown, he is likely to be a multi-billionaire.
In a twist that will excite conspiracy theorists, Sheikh Mansour is married to the daughter of Sheikh Mohammed, the ruler of Dubai. Sheikh Mohammed is interested in buying Liverpool FC through the Dubai International Capital sovereign wealth fund.
The company that has bought City is called Abu Dhabi United Group for Development and Investment, a new firm set up solely for the purpose of buying the club. They are backed by the Royal Group, a private investment vehicle owned by the Al-Nahyan family that also owns Hydra Properties.
Abu Dhabi is the richest of seven emirates that make up UAE. Its wealth comes from oil and gas, and the rapid increase in the price of natural resources has made the country and its ruling family even wealthier.
Most of the state’s wealth is held in the Abu Dhabi Investment Authority, worth $800 billion (about £444 billion), which buys shares in Western companies. The other main investment vehicle is called Mubadala, which has bought a 5 per cent stake in Ferrari and was instrumental in bringing Formula One to Abu Dhabi from next year. Abu Dhabi is positioning itself as a sporting and cultural hub in the Middle East and the acquisition of City will play a small role in that development.
If the deal is completed, City fans can expect close links between their club and the Gulf in the future, possibly through preseason tournaments and sponsorship deals. However, the purchase of the club is primarily the result of personal interest in Premier League football by the sheikhs involved. “Its an aeroplane one month, a Premiership football club another month – that’s the world these people live in,” one person familiar with the deal said.
Thaksin rollercoaster
Sept 21, 2006 Thaksin Shinawatra, a telecommunications billionaire who had served as Prime Minister of Thailand since 2001, arrives in London as a political refugee after being deposed by a military coup.
April 24, 2007 Thaksin, who tried to buy a 30 per cent stake in Liverpool three years earlier, launches a preliminary approach for Manchester City.
May 14 City sack Stuart Pearce as manager.
June 11 The takeover appears on the brink of collapse after about £1.3 billion of Thaksin’s assets are frozen by a Thai anticorruption committee.
June 21 The deal is revived. He lodges an £81.6 million offer and plans to install Sven-Göran Eriksson as manager.
July 6 Eriksson holds his first press conference after signing a three-year contract worth at least £7.5 million. He spends £40 million on players in the summer window.
July 23 Thaksin gains total control of the club after acquiring more than 75 per cent of shares.
Aug 14 Thailand’s Supreme Court issues arrest warrants for Thaksin and his wife after they fail to appear to answer charges of abuse of power over a land deal.
Sept 3 More arrest warrants issued for the pair, who stay in England.
Feb 28, 2008 After the appointment of a pro-Thaksin prime minister, he finally returns to Thailand to face trial and pleads not guilty to corruption charges. He is allowed to return to the UK.
June 2 Eriksson is sacked.
June 4 Mark Hughes is appointed.
Aug 11 Thaksin flees to Britain to request political asylum after he fails to appear in court. The Thai Supreme Court issues an arrest warrant. If found guilty, Thaksin would fail the Premier League’s “fit and proper person” test. It emerges that outstanding payments on past deals are restricting transfer activity.
Aug 23 Facing extradition, Thaksin offers to resign from the board.
Sept 1 Thaksin agrees to sell City to the Abu Dhabi United Group.
The ultimate owners of Manchester City are understood to be members of the ruling family of Abu Dhabi, the oil-rich Gulf state. The Al-Nahyan family’s total holdings are said to be worth at least $26 billion (about £14.4 billion) and they have sporting interests that range from horses to motor racing. “Money is no object for these people,” a source close to the deal said. “They are buying the club because they like watching Premiership football.”
The acquisition of City from Thaksin Shinawatra, the billionaire former Prime Minister of Thailand, was led by Dr Sulaiman al-Fahim, one of the best-known businessmen in the Middle East. Al-Fahim has become known as “the Gulf’s Donald Trump” after the success of his real estate company, Hydra Properties. Hydra is building a number of skyscrapers in Dubai and is also involved in the Al Reem project, a man-made island near the city of Abu Dhabi.
The 31-year-old is one of the Middle East’s few “celebrity businessmen” and he is known to enjoy rubbing shoulders with A-list stars in Hollywood. Al-Fahim also has interests in football, having established an Inter Milan training academy in Dubai.
However, while the real estate magnate is probably rich enough to buy City on his own, sources close to the deal said that Al-Fahim was really a front man for the Al-Nahyan royal family. Al-Fahim arranged the deal and signed a memorandum of understanding to buy the club on Sunday night, but most of the money is being put up by a handful of sheikhs in the royal family. Among them is thought to be Sheikh Mansour bin Zayed al-Nahyan, chamberlain of the royal court in Abu Dhabi.
Sheikh Mansour, whose title is minister of presidential affairs, is the half-brother of the President of United Arab Emirates and a full brother of the Crown Prince of Abu Dhabi. He is, therefore, one of the most powerful men in the Gulf and, although his personal wealth is unknown, he is likely to be a multi-billionaire.
In a twist that will excite conspiracy theorists, Sheikh Mansour is married to the daughter of Sheikh Mohammed, the ruler of Dubai. Sheikh Mohammed is interested in buying Liverpool FC through the Dubai International Capital sovereign wealth fund.
The company that has bought City is called Abu Dhabi United Group for Development and Investment, a new firm set up solely for the purpose of buying the club. They are backed by the Royal Group, a private investment vehicle owned by the Al-Nahyan family that also owns Hydra Properties.
Abu Dhabi is the richest of seven emirates that make up UAE. Its wealth comes from oil and gas, and the rapid increase in the price of natural resources has made the country and its ruling family even wealthier.
Most of the state’s wealth is held in the Abu Dhabi Investment Authority, worth $800 billion (about £444 billion), which buys shares in Western companies. The other main investment vehicle is called Mubadala, which has bought a 5 per cent stake in Ferrari and was instrumental in bringing Formula One to Abu Dhabi from next year. Abu Dhabi is positioning itself as a sporting and cultural hub in the Middle East and the acquisition of City will play a small role in that development.
If the deal is completed, City fans can expect close links between their club and the Gulf in the future, possibly through preseason tournaments and sponsorship deals. However, the purchase of the club is primarily the result of personal interest in Premier League football by the sheikhs involved. “Its an aeroplane one month, a Premiership football club another month – that’s the world these people live in,” one person familiar with the deal said.
Thaksin rollercoaster
Sept 21, 2006 Thaksin Shinawatra, a telecommunications billionaire who had served as Prime Minister of Thailand since 2001, arrives in London as a political refugee after being deposed by a military coup.
April 24, 2007 Thaksin, who tried to buy a 30 per cent stake in Liverpool three years earlier, launches a preliminary approach for Manchester City.
May 14 City sack Stuart Pearce as manager.
June 11 The takeover appears on the brink of collapse after about £1.3 billion of Thaksin’s assets are frozen by a Thai anticorruption committee.
June 21 The deal is revived. He lodges an £81.6 million offer and plans to install Sven-Göran Eriksson as manager.
July 6 Eriksson holds his first press conference after signing a three-year contract worth at least £7.5 million. He spends £40 million on players in the summer window.
July 23 Thaksin gains total control of the club after acquiring more than 75 per cent of shares.
Aug 14 Thailand’s Supreme Court issues arrest warrants for Thaksin and his wife after they fail to appear to answer charges of abuse of power over a land deal.
Sept 3 More arrest warrants issued for the pair, who stay in England.
Feb 28, 2008 After the appointment of a pro-Thaksin prime minister, he finally returns to Thailand to face trial and pleads not guilty to corruption charges. He is allowed to return to the UK.
June 2 Eriksson is sacked.
June 4 Mark Hughes is appointed.
Aug 11 Thaksin flees to Britain to request political asylum after he fails to appear in court. The Thai Supreme Court issues an arrest warrant. If found guilty, Thaksin would fail the Premier League’s “fit and proper person” test. It emerges that outstanding payments on past deals are restricting transfer activity.
Aug 23 Facing extradition, Thaksin offers to resign from the board.
Sept 1 Thaksin agrees to sell City to the Abu Dhabi United Group.
