Dubai Confirms Acquisition of Spanish Club Getafe
Dubai-based company Royal Emirates Group has completed its acquisition of Spanish La Liga soccer club Getafe CF, the company said.
The announcement follows conflicting statements by Royal Emirates Group and Getafe.Getafe president Angel Torres said last week that he was visiting Dubai to look for sponsors rather than a buyer.
Royal Emirates managing director Kaiser Rafiq told The National that Torres had been misquoted and that a "100 per cent Getafe share purchase agreement" was signed last week.
"Mr Angel Torres confirmed to me during a telephone call that he only meant to say that he will announce the sale of the club during the press conference, and he has been offered many sponsorships from major corporations in Dubai, but media took the words out of context and published the wrong story," Rafiq said.
Royal Emirates Group, of which little is known in the business world, said during last week's signing event that Getafe was bought for "between €70 million ($90 million) and €90 million ($120 million)".
Rafiq denied that Royal Emirates was funded by the Dubai troyal family.
Getafe CF will add the name "Team Dubai" to its crest on team shirts, stadium and other merchandise under the agreement. Club officials said players from the Middle East may be added to the team.