On Friday night, Manchester City take on Real Madrid in their much-delayed return fixture in the Uefa Champions League, European football's most prestigious competition. The contest is the sort of match everyone associated with City dreamt about when the club was bought by Abu Dhabi United Group in 2008.
Madrid are the most successful side in the history of the Champions League. City, famously, have been unable to match their recent domestic success with a European crown.
Maybe this year, the strangest of them all, is the one to end City's 50-year pursuit of a second European trophy, following their success in the 1970 European Cup Winners’ Cup on a rainy night in Vienna.
Maybe it's not, although those who support the club, including me, know that whatever happens on Friday, City will be back next season after overturning a ban on competing in European football, which had been imposed by Uefa in February.
Manchester City's Sergio Aguero and David Silva celebrate winning the FA Community Shield with teammates. Reuters
Last month the club's tough stance over alleged breaches of Financial Fair Play regulations and licensing was vindicated by the Court of Arbitration for Sport, which threw out a proposed two-year ban and significantly reduced a fine that had been levied for reportedly not co-operating. Earlier this year, chief executive Ferran Soriano said that the allegations were "simply not true". He has been proved right.
The publication of the full CAS report a few days ago unleashed a torrent of partisan commentary on its findings.
Those who dislike City say that the club have somehow got away with it, while those who support the club point to the report's conclusions that the two key allegations were for the most part “not established” and in some cases “time barred”. In essence, a weak case fell apart under scrutiny from an independent body.
The burden for proving the offences always rested with Uefa, who made the rules in the first place and who prosecuted the case. And yet, some of the commentary on the report would lead you to think the verdict delivered a different outcome.
Jurgen Klopp, Liverpool's manager, said it was a “not a good day for football” when asked about the CAS verdict last month. On Sunday, Oliver Kahn, a Bayern Munich board member, said that FFP should be taken “more seriously” in the future, appearing to suggest that a Uefa-run process and a subsequent appeal to an independent body was not sufficient. Others joined the chorus line of critics.
Phil Foden, left, with Manchester City manager Pep Guardiola after being named man of the match in the League Cup final win over Aston Villa at Wembley Stadium in March. EPA
Manchester City's Taylor Harwood-Bellis during the Premier League Asia Trophy football tournament at the Hongkou Stadium in Shanghai, in July, 2019. AFP
Manchester City's Tommy Doyle during their League Cup win over Southampton at the Etihad Stadium in October, 2019. PA
Eric Garcia of Manchester City during the Premier League match against Watford at Etihad Stadium on September 21, 2019. Getty
Manchester City's Brahim Diaz during a League Cup quarter-final match against Leicester City on December 18, 2018. Diaz joined Spanish club Real Madrid in the summer of 2019. Reuters
Manchester City's Pablo Maffeo, right, in action against Celtic in the Champions League group stage match at the Etihad Stadium on December 6, 2016. Maffeo joined Italian side Girona in 2018. Reuters
Manchester City's Jadon Sancho, right, during the FA Youth Cup final first leg against Chelsea at The Academy Stadium on April 18, 2017. Sancho joined German side Borussia Dortmund in the summer of 2017. Getty
Manchester City's Kelechi Iheanacho during a Premier League match against Crystal Palace on September 12, 2015. Iheanacho joined Leicester City in the summer of 2017. Getty
Manchester City’s Manu Garcia scores their fifth goal in a League Cup win over Crystal Palace in October, 2015. Garcia joined Sporting Gijon in the summer of 2019. AFP
Manchester City defender Angelino during the Premier League match against Watford at the Etihad Stadium on September 21, 2019. Angelino joined German side RB Leipzig on a loan deal in February. AFP
No wonder some City fans bristle with fury at such words, particularly when there are murky moments in many of the European elite's past, ranging from match-fixing scandals to tax evasion and serious incidents of crowd violence. Others have sins forgiven or forgotten, while City have not even had an apology.
But really this is not about a legal challenge, it is about a particular perspective.
Outsiders worry that success is assured for anyone in football with money to invest. That is a neat fantasy. The reality was that everything was broken at City before the takeover. The strategies that were developed to get the club back on its feet came with no guarantees.
The game’s established elite, meanwhile, jealously guard the gates to their kingdom against arrivistes.
Last week, the protracted takeover of Newcastle United by Saudi Arabia's Public Investment Fund, PCP Capital Partners and Reuben Brothers collapsed. The consortium had been waiting for months for clearance by the Premier League and apparently lost patience.
NEWCASTLE UNITED 2019/20 RATINGS: MANAGER: Steve Bruce - 6 out of 10: A really tough one to mark. Took on the thankless task of replacing the immensely popular Rafa Benitez in the hotseat with the hugely unpopular owner Mike Ashley still in charge. Ultimately, he did exactly what Ashley wants from his managers - he kept the club safely in the top-flight. He also steered Newcastle to their first FA Cup quarter-final since 2006. EPA
GOALKEEPERS: Martin Dubravka - 8: To say it's been a busy season for the Slovakian would be an understatement. Made the most saves out of any Premier League keeper - 140 - and without many of these stops, Newcastle would be heading back down to the Championship. A few blunders along the way, but to be expected when left exposed so regularly. Named as club's player of the year. AP
Karl Darlow - 6: Back-up restricted to cup competitions with Dubravka firmly established as No 1. AFP
DEFENDERS: Fabian Schar - 6: The versatile Swiss endured a miserable restart and struggled badly for any sort of consistency. Shifted into midfield by Bruce which failed to pay off, then saw his season ended by a dislocated shoulder. Getty
Florian Lejeune - 5: Another injury-ravaged, soul-destroying season for the French centre-half, managing just eight appearances in all competitions. AFP
Paul Dummett 5: Local lad and another defender whose season has been decimated by injury. Not played since January. AFP
Jamaal Lascelles - 6: Club captain will never give less than 100 per cent and Newcastle certainly felt more organised when he plays but can look slow and cumbersome at times - see lack of footwork for opening West Ham goal in home draw after restart. Could miss the start of next season after undergoing an ankle operation. AFP
Emil Krafth - 5: Swedish right-back looked completely unsuited for the rough and tumble world of England's top-flight after arriving in a £5 million (Dh23.6m) deal from French side Amiens last summer. Barely played for middle part of season but did OK when brought back into team after restart. Was completely out of his depth when forced to play in a central defensive role due to injuries. AFP
DeAndre Yedlin - 5: American full-back has started just 12 games in all competitions this season and looks set for the exit after four seasons at the club. AFP
Ciaran Clark - 6: Another injury-blighted season and another big miss at the back for Newcastle. Just 14 league appearances for the experienced Irish centre-half. AFP
Jetro Willems - 6: Wing-back on loan from Eintracht Frankfurt saw his time cruelly ended by a serious knee injury in January. Form had been erratic at times but had shown flashes of quality. AFP
Federico Fernandez - 7: The last fit senior centre-half still standing by the end of the season as his defensive colleagues fell to injuries one after the other. A solid season overall form the Argentine, particularly after restart. EPA
Javi Manquillo - 6: Spanish full-back has made himself an invaluable player for Newcastle this season - probably his best since joining the club in 2017 - covering ably down both flanks. Another shifted uncomfortably into a central defensive role due to the late season injury avalanche. Getty
Danny Rose - 6: Signed on loan from Spurs in January and has been solid if unspectacular. Newcastle desperately need a left-back and Jose Mourinho certainly doesn't want him at Tottenham, but at 30-years-old, he would appear to be too old for the Mike Ashley signing criteria. PA
Jonjo Shelvey - 8: A good season from the midfielder who, embarrassingly for Newcastle, finished as second-top scorer with six goals. A wonderful passer who also puts in a shift for the team. Getty
Allan Saint-Maximin - 8: A very exciting talent, signed for around £16m last summer, who stepped up a level after the restart. Can be virtually unplayable for opponents when in full flow but needs more consistency, more composure in front of goal and better final product if he wants to reach the very top. Immense potential, though. Getty
Matt Ritchie - 7: A frustrating season for the winger/wingback due to injury but a whole-hearted player who will always give 100 per cent. Ended his scoring drought with fine goal against Spurs after the restart. Getty
Isaac Hayden - 7: Newcastle always feel a stronger outfit with Hayden sitting in front of the defence winning tackles and keeping things simple with the ball. Getty
Christian Atsu - 5: Winger has barely featured under Bruce, barring sporadic substitute appearances, and is set to leave the club this summer. AFP
Valentino Lazaro - 5: A frustrating time for the January loan signing from Inter Milan who was never given a run in the team by Bruce. Flashes of potential - excellent goal after coming on as substitute in the 4-1 win at Bournemouth, when also cracked the crossbar with a fierce strike - but not clear what is the midfielder's best position. Getty
Sean Longstaff - 6: Another facing a crucial season in his career. Local boy who has struggled for form and fitness this season but has the potential to become a first-team regular. Getty
Nabil Bentaleb - 5: The former Spurs midfielder was a huge disappointment after joining on loan from German side Schalke in January. The odd flash of quality but did not do enough to justify a permanent move. Getty
Matty Longstaff - 6: The 20-year-old brother of Sean looks set for a move to Italy after refusing to sign a new deal at the club, much to the frustration of manager Bruce. Scored fairy-tale winner against Manchester United on his Premier League debut in October but failed to kick-on from that early high. PA
Miguel Almiron - 7: Pacey midfielder who finally ended his goal drought this season and finished as Newcastle's top scorer with eight. A big season coming up for the Paraguayan - his third in England - where, like Saint-Maximin, needs to show more composure with his final ball. Still unclear what his best position is. Reuters
ATTACKERS: Andy Carroll - 5: A frustrating return to Tyneside for the big striker. Like the story of his career as a whole, has been hindered by a series of niggling injuries and is still awaiting his first goal since rejoining last summer. Can feel rightly aggrieved, though, that he wasn't given more of a run as Bruce stuck by the misfiring Joelinton. Getty
Joelinton - 4: An absolute disaster of a first season in England for the club-record signing from Hoffenheim. Given the famous No 9 shirt but is clearly unsuited to lead the line. Four goals all season - and just two in the league in 32 starts - and needs a miraculous change in form and fortune if he join the list of Newcastle attacking greats. Getty
Dwight Gayle - 6: A prolific striker in the Championship who struggles to repeat the feat at the top level. Still looked a more natural finisher than Joelinton and contributed three goals after the restart. Getty
Yoshinori Muto - 4: A reminder that poor signings were made under Benitez's reign as well. The £9.5m signing in the summer of 2018 has made two league starts all season and scored one goal - against Leicester in the League Cup. AFP
In Europe's top leagues, Bayern Munich have won eight consecutive league titles in Germany, while Juventus have claimed nine in a row in Italy and Real Madrid and Barcelona have lifted 16 out of the past 17 Primera Liga titles
There are similarities in the ambitions of those who sought to buy Newcastle and those who have transformed City, in the sense that the prospective new owners talked about wholesale regeneration both on and off the pitch.
While one of the reasons cited for the failure of the takeover was a changing economic landscape – "time itself became an enemy of the transaction", a statement said in reference to the ongoing pandemic – the authorities have dragged their heels over the deal and now, without any end to the process in sight, it has become untenable. Tens of thousands of Newcastle supporters have signed a petition campaigning for the Premier League to be investigated over the takeover's collapse.
The reasons for its failure may be complicated, but there is also a sense that some of the top clubs in England don’t like the idea of another challenger to their crown. Just as in Europe, a few clubs would rather share the spoils among themselves.
In Europe’s top leagues, Bayern Munich have won eight consecutive league titles in Germany, while Juventus have claimed nine in a row in Italy and Real Madrid and Barcelona have lifted 16 out of the past 17 Primera Liga titles. At least one of those four clubs has appeared in 10 of the last 11 Champions League finals.
Jurgen Klopp, Liverpool's manager, has said it was a 'not a good day for football' when asked about the CAS verdict last month. AFP
English football has always enjoyed a more open playing field. Despite plenty of TV money flowing towards a few sides, four different clubs have won the Premier League in the past five years. Thirty years ago, when a breakaway division was first mooted in England, the so-called “big five” clubs sought to dominate talks and finance. Two of that group, Tottenham Hotspur and Everton, haven’t won a title in decades.
Unfortunately, suspicion and jealousy drive many of the partisan impulses in modern football. A willingness to invest and build is too often misinterpreted as a threat to the established order that must be beaten down, when ire and anger should really be directed at owners who run clubs into the ground. An intention to challenge the elite in Europe is met with similar impulses. Competition should be welcomed not driven out by procrastination or prosecution.
Nick March is an assistant editor-in-chief at The National
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It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Taleb Alrefai,
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The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”. Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
PREMIER LEAGUE FIXTURES
All kick-off times UAE ( 4 GMT)
Saturday
Liverpool v Manchester United - 3.30pm
Burnley v West Ham United - 6pm
Crystal Palace v Chelsea - 6pm
Manchester City v Stoke City - 6pm
Swansea City v Huddersfield Town - 6pm
Tottenham Hotspur v Bournemouth - 6pm
Watford v Arsenal - 8.30pm
Sunday
Brighton and Hove Albion v Everton - 4.30pm
Southampton v Newcastle United - 7pm
Monday
Leicester City v West Bromwich Albion - 11pm
UAE currency: the story behind the money in your pockets
