By Andy Sambidge
Dubai-based Arif Naqvi said to be single largest shareholder in troubled Scottish football club
A Dubai-based businessman has been named as the single largest shareholder in troubled Scottish football club Rangers.
Arif Naqvi, chief executive and founder of private equity firm Abraaj Capital owns just under 18 percent in the club which went into liquidation during the summer, the BBC reported.
The BBC said Naqvi agree to invest £2m in the club in June.
Rangers, who have dominated soccer in Scotland with Glasgow rivals Celtic for decades, were forced to relaunch this season from the lowly fourth tier of the game following their financial crisis.
The decision represented a spectacular fall from grace for the 54-times Scottish champions.
Rangers went into administration in February before a takeover last month by a consortium led by English businessman Charles Green.
Naqvi, who founded Abraaj in 2002 and has raised $7bn since then, said in March he believes an IPO will provide the company with a currency to continue to grow.
Dubai-based Abraaj Capital, the Middle East's largest private equity firm, owns stakes in Orascom Construction, budget carrier Air Arabia and supermarket chain Spinneys.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Great news. I wish Mr. Navi best of every thing.
If the club is now in liquidation this does not sound like one of his best investments...