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.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.
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