Dubai Group Buys Spain’s Getafe

Royal Emirates Group, which is chaired by a member of Dubai’s ruling Al-Maktoum family, announced on Thursday it has signed a deal to buy struggling Spanish La Liga football club Getafe.

The group’s managing director Kaiser Rafiq told a news conference in Dubai it has agreed to buy 100 percent of the club for “between 70 and 90 million euros” (101 and 130 million dollars), with the exact amount confidential.

“We are very happy to sign this agreement with Getafe, which will be called Getafe Team Dubai,” the group’s chairman, Sheikh Butti bin Suhail al-Maktoum told reporters.

The club’s president, Angel Torres, said he hopes the agreement “will push Getafe to the highest level in domestic and European competition.”

The struggling side lies 14th in the 20-club Liga with 37 points.

If the purchase is confirmed, it would make Getafe the third Spanish club to be snapped up by Gulf-based buyers.

Qatari billionaire Sheikh Abdullah bin Nasser Al-Thani bought Malaga in May 2010 for 25 million euros.

And Dubai-based Indian tycoon Ahsan Ali Syed bought indebted Racing Santander in January for a reported 30-40 million euros. Its players said Tuesday that they are still waiting for promised back-pay from last season.