Harry Kane leaves Tottenham as one of the club's greatest ever players. Reuters
Harry Kane leaves Tottenham as one of the club's greatest ever players. Reuters
Harry Kane leaves Tottenham as one of the club's greatest ever players. Reuters
Harry Kane leaves Tottenham as one of the club's greatest ever players. Reuters

Harry Kane's move to Bayern Munich is the right deal for all parties


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In Germany, the phrase heldenfußball is a familiar expression when it comes to Bayern Munich.

The term translates literally as “hero football” and therefore, unsurprisingly, is commonly associated with the almost distastefully successful Bavarians and their invariably A-list roster of stars.

You could say the essence of Bayern’s identity is heldenfußball ­­− a concept where packing the team with outstanding individual talent is paramount and prioritised above tactical concerns.

Save for a three-year Pep Guardiola-flavoured hiatus, when Bayern embraced the Spanish school, this has typically been their way.

The heroes, and there have been many, have had a lasting impact on German and world football – from Beckenbauer, Breitner and Muller to Lahm, Schweinsteiger and Lewandowski.

And that brings us to their newest and most expensive idol, England captain Harry Kane – a man who has been playing hero football for most of his career.

The issue for Kane, however, is that in recent years at Tottenham, he has been doing it alone, the level of his own personal performance increasingly divergent from that of the club.

Ultimately, this was a choice between personal accolades, namely the all-time Premier League goalscoring record, and the chance for so much more in Germany.

Kane has personal accolades. What he doesn’t have is medals.

  • England star Harry Kane in Munich for his medical ahead of his move to Bayern Munich. EPA
    England star Harry Kane in Munich for his medical ahead of his move to Bayern Munich. EPA
  • Harry Kane arrives for medical tests at a hospital in Munich on Friday, August 11, 2023. AP
    Harry Kane arrives for medical tests at a hospital in Munich on Friday, August 11, 2023. AP
  • Harry Kane ahead of his move to Bayern Munich on a four-year deal. EPA
    Harry Kane ahead of his move to Bayern Munich on a four-year deal. EPA
  • Harry Kane in Munich ahead his move to Bayern. EPA
    Harry Kane in Munich ahead his move to Bayern. EPA
  • Harry Kane is driven to a hospital for his medical in Munich. AP
    Harry Kane is driven to a hospital for his medical in Munich. AP
  • Harry Kane arrives for his medical at a hospital in Munich. PA
    Harry Kane arrives for his medical at a hospital in Munich. PA
  • Fans take photos as the car with Harry Kane arrives at the Brothers of Charity Hospital in Munich. AFP
    Fans take photos as the car with Harry Kane arrives at the Brothers of Charity Hospital in Munich. AFP
  • Fans take photos of Harry Kane in Munich. AFP
    Fans take photos of Harry Kane in Munich. AFP
  • Fans and media surround the car of Harry Kane in Bayern Munich. AFP
    Fans and media surround the car of Harry Kane in Bayern Munich. AFP

Many cast doubt as to whether he would leave behind home comforts and embrace the cultural challenge of a new country and a new league, given so very few elite English players feel compelled to test themselves beyond the Premier League.

But Kane has chosen bravely, and wisely, and the rewards could be that much greater.

This is the chance to play number nine for one of world football’s great clubs who, in Germany, are “like Liverpool and Manchester United rolled into one”, according to the Athletic’s Raphael Honigstein.

League titles will surely arrive, while this ambitious union also signifies a serious intent to go all out for what would be the club’s seventh Champions League crown.

For Bayern, Kane’s capture will fill the Lewandowski-shaped hole in their forward line, a reference point at the top of the pitch, while their craving for star power will be assuaged by the arrival of the England captain.

Meanwhile, for Tottenham, as painful as Kane’s exit will be, accepting Bayern’s €100 million-plus offer for a player with just 12 months remaining on his contract and no inclination to extend was the only logical course of action.

And with the club at the outset of a major rebuild under Ange Postecoglu, it’s as good a time as any to accept that this is the end of an era and reinvest for the future.

The natural conclusion is that this is fundamentally a good deal for all parties. The only sticking point, of course, is that Premier League goalscoring record.

Kane might hope to one day return and chalk off the 48 strikes he needs to usurp Alan Shearer’s mark of 260, but at 30 years old, and with a four-year deal at Bayern, that seems an unlikely scenario.

Shearer chose to stay in England – turning down Juventus among others – and finished his career with a lot of goals but just the one league championship, won at Blackburn Rovers as a 25-year-old.

Kane has chosen a different path and the size of his concession should not be downplayed. For years that record seemed to be his destiny. His decision to likely forgo it should be respected.

And just maybe it will prove a vital source of motivation to reach the absolute peak of his powers in Germany. After all, heroes are often driven by a strong sense of personal sacrifice.

Jebel Ali Dragons 26 Bahrain 23

Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3

Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2

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.”

Updated: August 14, 2023, 4:14 PM