Dubai's deal to buy Spanish club may expire

Getafe owner says Royal Emirates Group must meet payment deadline next month
Getafe players celebrate. (Getty Images)
By Andy Sambidge
Sat 21 Apr 2012 09:53 AM

The owner of Spanish soccer team Getafe said he will cancel the sale of the club to Royal Emirates Group unless the bidder meets a payment deadline next month.

Angel Torres said in an interview today that he is no longer in contact with representatives of the group led by chairman Sheikh Butti Bin Suhail Al Maktoum of Dubai.

A call and e-mail to Royal Emirates Group managing director, Kaiser Rafiq, wasn’t immediately returned.

The Dubai-based group, whose website says it represents 64 companies and brands in the region, planned to use Getafe to network with business leaders in Spain and possibly invest in tourism and solar-energy projects, Rafiq said in an interview last October.

Under the plan agreed on 12 months ago, Torres would have remained as president and Royal Emirates would have invested as much as $130 million in the team over four years. Madrid-based Getafe is 11th in the 20-team La Liga.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.