Dubai Sheikh’s Deal to Buy Spanish Team Getafe May Expire

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.

To contact the reporters on this story: Alex Duff in Madrid at aduff4@bloomberg.net.

To contact the editor responsible for this story: Christopher Elser at at celser@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.