i looked for the easy bit "In addition, the company also tried to buy U.K.'s legendary football club Liverpool and a second division team Charlton Athletic. Both deals were scuttled"
Yes, Zabeel are in financial difficulties & have been technically insolvent for many years - that is, they cannot afford to pay the banks what they are owed when those payments fall due. If the business was owned by anybody other than a member of the Dubai ruling family the banks would have wound them up & closed them down a long time ago. This is obviously not a clever thing to do politically, however, so instead the banks indulge in never-ending talks about re-scheduling the debt payments.
Saying that though, Zabeel continue to open new luxury hotels in Dubai & parts of their main hospitality business are actually doing very, very well. So, as Dubai continues to recover strongly from the economic downturn, there are positive signs that Zabeel Investments has a future. Investing in a Championship football club is NOT, however, on their agenda.
Yes, Zabeel are in financial difficulties & have been technically insolvent for many years - that is, they cannot afford to pay the banks what they are owed when those payments fall due. If the business was owned by anybody other than a member of the Dubai ruling family the banks would have wound them up & closed them down a long time ago. This is obviously not a clever thing to do politically, however, so instead the banks indulge in never-ending talks about re-scheduling the debt payments.
Saying that though, Zabeel continue to open new luxury hotels in Dubai & parts of their main hospitality business are actually doing very, very well. So, as Dubai continues to recover strongly from the economic downturn, there are positive signs that Zabeel Investments has a future. Investing in a Championship football club is NOT, however, on their agenda.
Didn't you interview its finance director a while back? Did he give you any snippets about CAFC?
The meeting with the Zabeel FD was cancelled so no, I have no snippets to report. The world is a very different place now to what is was when Zabeel were interested in buying us and Zabeel have much more important issues to deal with now. It is safe to assume that there is no current investment in CAFC, nor will there be one in the future.
Ha ha, yes he's riding a train. That was the day the new metro line opened & even Sheikh Mohammed, the ruler of Dubai, was on that train. They all travelled from one end of the line to the other, getting off at every station on the way to meet & greet carefully selected guests & officials. All very bizarre.
Perhaps an intended escape as someone found out this from within the club and pulled the plug on it, some dodgy dealings in football I'd rather be safe with less money than risk lose my club . Got to be careful who to let own you
Perhaps an intended escape as someone found out this from within the club and pulled the plug on it, some dodgy dealings in football I'd rather be safe with less money than risk lose my club . Got to be careful who to let own you
No, it was a lucky escape. The Sheikh prevented his son from completing the deal, I believe on the very day it was to be signed. This was due to the financial meltdown in Dubai. It would appear that the Sheikh did the right thing. Richard Murray claimed to have a letter of apology, in this regard.
I remember us turning away good players because of the drawn out due diligence period.
Wasn't that a different takeover, when there were rumours over the summer? The window was closed when Zabeel were looking to buy the club.
Good point I may well have been thinking of the one where Parkinson was in charge.
(When Puncheon was apparently driving to the Valley to sign contracts when PP then had to call him and advise him not to come, he apparently got on the phone to his agent, who had already been previously working a deal with Pardew and drove all the way to Southampton and signed for them instead)
Comments
i looked for the easy bit
"In addition, the company also tried to buy U.K.'s legendary football club Liverpool and a second division team Charlton Athletic. Both deals were scuttled"
Saying that though, Zabeel continue to open new luxury hotels in Dubai & parts of their main hospitality business are actually doing very, very well. So, as Dubai continues to recover strongly from the economic downturn, there are positive signs that Zabeel Investments has a future. Investing in a Championship football club is NOT, however, on their agenda.
http://online.wsj.com/article/SB10001424127887324296604578175942079415444.html
It would appear that the Sheikh did the right thing.
Richard Murray claimed to have a letter of apology, in this regard.
I remember us turning away good players because of the drawn out due diligence period.
(When Puncheon was apparently driving to the Valley to sign contracts when PP then had to call him and advise him not to come, he apparently got on the phone to his agent, who had already been previously working a deal with Pardew and drove all the way to Southampton and signed for them instead)