Banking & Finance Union Properties considers selling Dubai Autodrome Developer Union Properties could sell racing circuit Dubai Autodrome as it seeks to offload AED1 billion ($272 million) worth of assets in the next two years as part of its ongoing recovery plan. Dubai Autodrome is a fully owned subsidiary of Union Properties. Managing director Amer Khansaheb revealed the company holds 15 million square feet […] April 18, 2023
Business of Sport Michael Jordan’s ‘Last Dance’ sneakers sell for record $2.2m A pair of signed, game-worn Michael Jordan sneakers from the 1998 NBA Finals have fetched a record $2.2 million, making them the most valuable sneakers ever sold, auction house Sotheby’s said. The Air Jordan 13 “Breds” – short for “black and red” – were worn by Jordan in the second game of the finals during […] April 13, 2023
Business of Sport Yorkshire County Cricket Club seeks Mena investors The Middle East could play a pivotal role in the future of county cricket in the UK, according to a leading sports economist. It was revealed this week that Yorkshire County Cricket Club has recruited the services of audit and advisory firm Grant Thornton to seek out investment from potential backers in the Middle East. […] April 6, 2023
Business of Sport Manchester United swings to profit ahead of potential sale Manchester United swung to a second-quarter net profit on the back of higher commercial revenue and lower wages, the club said on Thursday. Net profit came in at £6.3 million ($7.78 million) in the three months to December 31, against a £1.4 million loss a year earlier. Revenue fell almost 10 percent to 167 million […] March 31, 2023
Business of Sport Qatari sheikh files second bid in tussle for Manchester United Sheikh Jassim bin Hamad Al Thani has submitted an improved bid to buy Manchester United FC. The Qatari businessman made his first offer for the Premier League club in February, when his spokesperson said the bid was completely debt free. Qatari bid for Manchester United ‘acid test of post-Brexit Britain’ Middle East continues to dominate […] March 27, 2023
Business of Sport Dubai World Cup is jewel in the UAE’s $2.4bn sports sector The Dubai World Cup, arguably the emirate’s biggest event of the year, takes place on Saturday as the city aims to grow its $2.4 billion sports sector. The Meydan Racecourse is set to play host to the 27th edition of the meeting, bringing together the world’s best racehorses, jockeys and trainers. This year’s event is […] March 25, 2023
EXCLUSIVE Business of Sport How Emirates’ equine service delivers for the Dubai World Cup Saturday’s $30.5 million Dubai World Cup, the world’s richest horse racing event, has again attracted a stellar field of thoroughbreds. More than 120 horses will compete across the nine-race programme at the Meydan racecourse – and most steeds will fly in via Emirates airline’s specialist equine aircraft. The event’s line-up features a huge contingent of […] March 25, 2023
Business of Sport Abu Dhabi owners reveal $361m Manchester City stadium upgrade Manchester City FC, majority-owned by Abu Dhabi United Group, this week accelerated plans to expand its stadium in the north west of England by launching a formal consultation on the $361 million project. As well as increasing the size of the North Stand by 7,700 people to create a new capacity of 60,000 at the […] March 2, 2023
UAE firms on recruitment drive to support Saudi events boom British boxer Tommy Fury achieved a close victory over American rival Jake Paul in Riyadh on Sunday, in front of celebrities such as Mike Tyson and Cristiano Ronaldo. The bout was the latest footnote in Saudi Arabia’s goal to become a global hub for entertainment and sporting events. With the kingdom launching the Events Investment […] February 28, 2023
Business of Sport More Saudi-backed mega-deals likely as sports push intensifies Saudi Arabia is likely to follow up its acquisition of Premier League football club Newcastle United with more headline-grabbing deals abroad as the kingdom sees investments soar in its fledgling sports sector, say experts. Investment deals in Saudi Arabia’s sports sector reached SR1 billion ($270 million) last year and are expected to create 1,500 new […] February 26, 2023
Business of Sport Qatar Airways to become Formula One’s main airline sponsor Qatar Airways will become the main airline sponsor of Formula One motor racing, the carrier said, replacing regional rival Emirates as the organisation’s official airline. The sponsorship announcement comes ahead of the 2023 season, which kicks off next month and will also see Qatar begin a 10-year run as host of a Grand Prix, to […] February 23, 2023
Business of Sport Qatar sees 341% surge in VC sports and fitness funding Venture capital funding into Qatari sports and fitness startups nearly quadrupled last year as the country’s multibillion dollar hosting of the 2022 World Cup helped swell interest in related industries. In 2022, sports and fitness startups received 15 million riyals ($4.12 million) in funding – up from around 4.4 million riyals a year earlier – […] February 21, 2023
Analysis Business of Sport Qatari bid for Manchester United ‘acid test of post-Brexit Britain’ Qatari investors’ bid to buy Manchester United FC is “an acid test of whether post-Brexit Britain truly is open for global business”, according to a leading sports academic. Sheikh Jassim bin Hamad bin Jaber Al Thani, the son of a former prime minister of Qatar, confirmed on Friday that his consortium had made an offer […] February 20, 2023
Business of Sport Qatari consortium confirms bid for Manchester United Sheikh Jassim bin Hamad bin Jaber Al Thani, the son of a former prime minister of Qatar, has confirmed that his consortium has made a bid to buy Manchester United. “The bid plans to return the club to its former glories,” the consortium said in a statement. “The bid will be completely debt free via […] February 19, 2023
Business of Sport Abu Dhabi fund said to be part of $3.75bn takeover bid for Spurs Iranian-American billionaire Jahm Najafi, chair of MSP Sports Capital, is set to launch a $3.75 billion takeover bid for Premier League soccer club Tottenham Hotspur, a source familiar with the matter told Reuters. Tottenham declined to comment when contacted by Reuters. Earlier, the Financial Times reported MSP Sports Capital is working with a consortium of […] February 16, 2023
Business of Sport Red Bull and Alfa Romeo get their 2023 cars on track Formula One champions Red Bull and Ferrari-powered Alfa Romeo took their 2023 cars out on track on Friday for limited mileage pre-season filming. Red Bull published a tantalising teaser on Twitter of their RB19 lapping at Silverstone while Alfa Romeo said their C43 completed a successful debut at Barcelona’s Circuit de Catalunya. Red Bull held […] February 12, 2023
Business of Sport Prince Alwaleed to reward Al Hilal players with $266,500 bonus Saudi Arabian billionaire Prince Alwaleed bin Talal will award a SAR1 million ($266,500) bonus to each player from Al Hilal for the 3-2 win over South American champions Flamengo on Tuesday that sent them to the Club World Cup final. Prince Alwaleed, chairman of the Kingdom Holding Co, is a big supporter of the Saudi […] February 9, 2023
Business of Sport Qatari investors latest to be linked with Manchester United Investors from Qatar could be on the verge of a multi-billion dollar bid for English Premier League club Manchester United, according to newspaper reports. Quoting unnamed sources, the UK’s Daily Mail said the investors were “a group of private, high wealth individuals” from Qatar. It is unclear whether that would refer to Qatar Sports Investments […] February 8, 2023
Business of Sport English football ‘shake-up’ will not deter Middle East investors A shake-up of ownership rules in English football is unlikely to put off Middle East investors, industry analysts have said. On Thursday, British tabloid The Sun reported that it had seen a leaked copy of the UK government’s football white paper, stating that takeovers of football clubs could be blocked if the prospective owners could […] February 6, 2023
Exclusive Business of Sport Alcohol u-turn led to peaceful World Cup, says Fifa security chief Violent clashes between football fans and police, similar to those seen at the Euro 2016 tournament in France, were absent from the Qatar World Cup, and one of the reasons, according to the head of security at organiser Fifa, was the decision to reduce the consumption of alcohol. With two days to go before the […] January 28, 2023
Analysis Business of Sport Middle East continues to dominate football’s rich list Nine of the top 20 clubs in football’s rich list have investment links to the Middle East – and analysts are predicting that Gulf ties will increase in the next few years. Abu Dhabi’s Manchester City retained the No 1 spot in the latest edition of the Deloitte Football Money League, with revenue of €731 […] January 23, 2023
Business of Sport Saudi PIF said to have explored over $20bn bid to buy F1 Saudi Arabia’s Public Investment Fund (PIF) had plans to include Formula 1 motor racing in its growing sports investment portfolio, Bloomberg reported, citing informed sources. A possible deal failed in the early stages last year as F1’s owner Liberty Media Corporation was not interested in selling the F1 franchise, which the Saudi sovereign fund valued […] January 22, 2023
