Dubai-based investment group, symptoms the Royal Emirates Group, for sale chaired by HRH Sheikh Butti Bin Suhail Al Maktoum, has reportedly acquired a Spanish La Liga soccer team, thought to be debt-ridden Real Zaragoza, in a deal worth about US$90m.
Media reports suggest that the new owners would attempt to change the name of the team to ‘Team Dubai’, though it is unclear as to whether Royal Emirates Group would be allowed to press ahead with any name change.
Suleiman al Butti, project manager of Royal Emirates Group, told Reuters: “We confirm that the company will buy a Spanish team.”
According to Arabian Business, a spokesperson for Royal Emirates Group added: “The said team will be named as ‘Team Dubai’.”
A Dubai investment vehicle was linked with a move for Zaragoza back in February. A spokesperson for Royal Emirates Group said the Spanish club’s chairman and several high-profile players will travel to Dubai to mark the start of the deal in the next 24 hours.