Feyenoord fans know that their current team is not top quality.
Alongside Ajax Amsterdam, the 1970 European champions are the biggest, if not quite the most successful, side in Dutch football. Their fans are famous for the noise they create in their De Kuip (The Bowl) home and even rival Ajax fans would have a grudging respect for their support.
The 40,000 match-going Feyenoord fans did not expect to win the Eredivisie this season. Poor off-field management has seen debts rack up and expensive players moved in favour of cheaper youth players. Feyenoord's decline was exacerbated by the emergence of well-managed regional sides such as Twente, the reigning champions, and AZ Alkmaar.
Feyenoord fans were also used to losing their best to clubs in richer leagues. Salomon Kalou, Royston Drenthe, Michel Bastos, Robin van Persie, Henrik Larsson, Johan Elmander and Dirk Kuyt were all at the club and supporters could only watch with pride and envy as they excelled elsewhere - sometimes after failing to impress in Rotterdam.
These are not great times for Feyenoord, but nobody could see coming what happened on October 24. Demolished 10-0 by league leaders PSV Eindhoven, the club suffered its worst defeat, one their coach Mario Been called "a black day in the history of Feyenoord".
"A month on, I still can't actually believe it happened," said Erik van den Polder, a Rotterdamer from a family of Feyenoord fans.
"It's simply the most amazing result in the history of the league. Most people who saw the result assumed it was an error or that it must have ended 1-0 or 0-0. It was a freak result. Every shot PSV had went in."
Historically, Rotterdamers are used to adversity. The Luftwaffe destroyed the port in the Second World War and the city has been a building site ever since. It's a hard, predominantly working-class city, the second-largest (population 1.1 million) in Holland after Amsterdam (1.5 million). It boasts the largest port in Europe and only Shanghai's is bigger. But supporters still took the defeat badly.
"The fans were devastated," Van den Polder said. "When the team coach returned home that night, Feyenoord fans were waiting for them and made it clear how they felt about the players."
But although they were angry, supporters remained loyal. They knew they would have to rely on youth players this season, and they are currently 14th in the 18- team league as a result, just two points above the relegation zone and the city's other current top-flight club Excelsior, who are often viewed as a feeder club for Feyenoord.
This is a concern for a club who have never been relegated and have failed to win any of their seven away games so far. They play away tomorrow at fourth-placed FC Groningen. There is still fight in Feyenoord and their fans. Days after the 10-0 humiliation, the fans turned up en masse for a game against 17th place VVV Venlo and roared their nervous young side to a 3-0 victory. The same support has been given to the coach and there are several promising players coming through the youth ranks. There also is talk of wealthy businessmen investing in the club.
For now, the misery is far from over and further defeats are inevitable, though few seriously believe that Feyenoord will go down. Nor are Feyenoord alone in their problems, with Ajax also mired in financial difficulty and six points from the top of the table. And, as long as Ajax are not winning, that makes life a touch more bearable for Feyenoord.
sports@thenational.ae
Fixtures
Today
Excelsior v VVV 9.45pm
De Graafschap v Roda 10.45pm
Twente v AZ Alkmaar 10.45pm
Vitesse v Heracles 10.45pm
Ajax v PSV 11.45pm
Tomorrow
Den Haag v NAC 5.30pm
Groningen v Feyenoord 5.30pm
Heerenveen v Willem II 5.30pm
Utrecht v NEC 7.30pm
Eredivisie table
Team P W D L GD P
PSV 14 10 3 1 31 33
Twente 14 9 4 1 15 31
Ajax 14 8 3 3 17 27
Groningen 14 8 3 3 7 27
AZ Alkmaar 14 7 4 3 6 25
Roda 14 6 6 1 7 24
Den Haag 14 6 4 4 0 22
Heerenveen 14 5 5 4 2 20
NEC 14 5 4 5 2 19
Utrecht 14 6 1 6 2 19
Breda 14 6 2 6 -2 19
Heracles 14 4 3 7 0 15
Feyenoord 14 3 4 7 -10 13
Vitesse 14 3 4 7 -10 13
De Graafschap 14 3 4 6 -13 13
Excelsior 14 3 2 9 -12 11
VVV 14 3 0 11 -16 9
Willem II 14 0 2 11 -26 2
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UAE currency: the story behind the money in your pockets
Company%20Profile
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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.”
COMPANY%20PROFILE%20
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Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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Rating: 4/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses