Dubai Group Complete Getafe Takeover, Plan Team Dubai Name Change
April 26, 2011
Royal Emirates Group, chaired by a member of Dubai’s ruling Al-Maktoum family, has confirmed a deal to buy struggling Spanish La Liga soccer club Getafe after the group’s managing director, Kaiser Rafiq, told a press conference in Dubai that it had sealed a deal to acquire 100% per cent of the club for between Eur70-90m (US$102-131.5m)
Sheikh Butti bin Suhail al-Maktoum, the group’s chairman, told reporters: “We are very happy to sign this agreement with Getafe, which will be called Getafe Team Dubai,” though it has not been confirmed yet whether the new owners will be allowed to change the name of the team as planned.
If the acquisition is rubber-stamped, Getafe will become the third Spanish club to be purchased by Gulf-based investors. Qatari billionaire Sheikh Abdullah bin Nasser Al-Thani bought Malaga in May 2010 for $36.5m and Dubai-based Indian tycoon Ahsan Ali Syed bought indebted Racing Santander in January for a reported $43.8-58.4m.