Sheikh Mohammed bin Rashid al-Maktoum: Arab oil with the clout to match Russian oil
What do buy when you are one of the world’s
richest men and you already own everything most other people can only dream
of?
What do buy when you are one of the world’s richest men and you already own everything most other people can only dream of?
Yesterday’s confirmation that Dubai International Capital, an offshoot of the empire controlled by Sheikh Mohammed bin Rashid al-Maktoum, seems to be on the verge of buying Liverpool hammers home the answer: a Premiership football club.
To varying extents, it can be argued that Roman Abramovich’s purchase of Chelsea and those by Randy Lerner and Eggert Magnusson of Aston Villa and West Ham are cases of rich men (and/or their backers) buying clubs that have little short-term potential to earn significant financial returns on their investment. They simply want to be involved in English football, and profit will be a bonus, breaking even a more realistic goal.
DIC will want Liverpool to thrive, because a successful club will become a flagship for its varied international businesses. It will also give Sheikh Mohammed a perfect platform on which to conduct other business. He already has access to some of the world’s most prominent movers and shakers through his involvement in horse racing. What better place than a successful football club, playing in the world’s richest league, to offer hospitality and promote your country?
“Buying a football club makes sense with a lot of what is happening in Dubai,” another source said. “They [the Dubai ruling elite, and by extension, DIC] are doing all sorts of things in and around Dubai in terms of business, tourism, sports and leisure and owning a football club like Liverpool fits together very nicely. English football is an incredibly powerful international brand.”
The interviews I’ve seen with Liverpool fans and supporters’ clubs agree with this article. Some parts of the body politic of English football will continue to resent the globalization of ownership; but, it’s been the globalization of talent, the worldwide marketing of this hometown sport — that made this next step desirable to investors with that capacity.
The Sheik is the Crown Prince of DuBai and the Prime Minister of the UAE. I’d climb on board for the ride — and hang on!
Of course it’s too bad that the Sheikh cannot read this post at Dvorak Uncensored -- since Dubai has banned our blog.
Posted: Tue - December 5, 2006 at 05:40 AM