Dubai investment firm Royal Emirates Group has acquired the Spanish club Getafe for $130 million.
Royal Emirates Group is a collection of companies owned by Sheikh Butti bin Suhail al-Maktoum. The purchase of Getafe marks the third-largest investment in Spanish football by a Gulf-based investor in the past year.
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More details follows from Telegraph and totalfoot3.com
Royal Emirates Group are set to buy La Liga club Getafe for about €90 million, the Dubai firm said on Wednesday following reports it was eyeing a Spanish football team.
"It is Getafe . . . we will announce it in a big way tomorrow," Suleiman al Butti, project manager of Royal Emirates Group, said.
Royal Emirates, an investment firm chaired by Sheikh Butti Bin Suhail Al Maktoum, said in statement on Tuesday the club would be named "Team Dubai", although it was not clear whether that would become the team's official name.
The deal would be the third for a La Liga club involving a non-Spanish buyer in the past year following the sale of Malaga to a member of the Qatari royal family and the purchase of Racing Santander by an Indian businessman.
Royal Emirates Group said Dubai's minister of culture, the Spanish ambassador and "many other corporate icons and members of the ruling family of Dubai" would attend an event scheduled on Thursday to announce the deal.
Getafe president Angel Torres has travelled to Dubai "with the idea of having meetings to look for sponsors that improve the image of Getafe and a new name for the stadium," and is accomapanied by club captain Manuel del Moral.
20 Apr 2011
It has been confirmed that Royal Emirates Group has completed their takeover of Primera Liga side Getafe. There had originally been rumours from certain sources that the takeover would lead to the team being rebranded as “Team Dubai”, but both parties later stated that this claim was untrue.
Dr Kaiser Rafiq, the Managing Director of the Royal Emirates Group said “From the first moment we started to discuss our decision to buy Getafe CF, we had a clear vision of the goal we wanted for the future of the club. We clearly respect the identity, traditions, culture and history of the club and have no intention of changing any of these. We hope that all football fans in Dubai, the United Arab Emirates and the Middle East share this heritage and offer support. Our goal is to globalise the Getafe brand and create strong links between the two regions in which Getafe CF will be the perfect ambassador.”
They then went on to say “We support the club’s football tradition and will use the experience of Getafe CF to train our young people. The proximity of the Qatar World Cup 2022 means football will have still more significance in our region. We feel a great harmony with people and fans of Getafe and pledge to continue supporting the progress of this great club to reach the highest levels in the league.”
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