Harry Kewell, left, and Hernan, right, played against each other in the 2005 Uefa Champions League final when Kewell's Liverpool team staged an incredible comeback win after Crespo had scored twice to give AC Milan a 3-0 lead. Getty
Harry Kewell, left, and Hernan, right, played against each other in the 2005 Uefa Champions League final when Kewell's Liverpool team staged an incredible comeback win after Crespo had scored twice to give AC Milan a 3-0 lead. Getty
Harry Kewell, left, and Hernan, right, played against each other in the 2005 Uefa Champions League final when Kewell's Liverpool team staged an incredible comeback win after Crespo had scored twice to give AC Milan a 3-0 lead. Getty
Harry Kewell, left, and Hernan, right, played against each other in the 2005 Uefa Champions League final when Kewell's Liverpool team staged an incredible comeback win after Crespo had scored twice to

Yokohama v Al Ain: Kewell, Crespo and the ghosts of Istanbul ahead of ACL final


Ian Hawkey
  • English
  • Arabic

It’s been almost 20 years, but there’s still a consensus across football that no final, matching club versus club on the international stage, has quite had the drama and suspense of the so-called Miracle of Istanbul. It finished Liverpool 3, AC Milan 3, with the English team seizing victory in the Uefa Champions League showpiece on penalties at the Ataturk Olympic Stadium. Liverpool had trailed 3-0 at half time.

To have been there, in late May 2005, as a reporter feels a privilege. To have been part of the winning side is evidently a useful endorsement for a young manager seeking to cajole and inspire belief in his players that no cause is ever lost.

When Harry Kewell, barely two months into his stint as head coach of Yokohama F Marinos, made studied reference to his own experience in the winning Liverpool side in Istanbul, in order to lift the spirits of his Marinos players after they lost the first leg of their Asian Champions League semi-final to Ulsan, it may have had some effect, although the Marinos comeback he oversaw evoked that famous night in Turkey rather too closely for his comfort.

Like Liverpool in Istanbul, his Marinos scored three goals to launch a comeback in last month’s semi-final second leg. Just as in the 2005 Champions League final, the pendulum was swinging wildly. The semi finished 3-3 on aggregate, the Japanese club squeezing past their Korean rivals only via shoot-out and booking their date with Al Ain in the final.

"I was part of a special team,” Kewell said of Liverpool’s high-wire, comeback kings of 19 years ago. “It is a team that, on that night, was able to come back from a scenario where a lot of people thought it was dead and buried."

Kewell’s own role in Istanbul was, in fact, marginal and widely maligned. From a seat in the press box at half time, you could hear raging anger at the Australian winger from Liverpool fans. From journalists, there was exasperation at Kewell and, even after Liverpool’s extraordinary recovery, a critical posture towards him would be reflected in the reporting of the epic final. “Kewell, a player with a heart the size of diamond ear-stud,” fumed Britain’s Guardian newspaper. “The selection of Harry Kewell smacked of trying to savage Milan with a dead sheep,” wrote a respected commentator in The Telegraph.

Kewell’s failure that night? To have lasted only 23 minutes of that fateful first half. He went off injured and in agony, a muscle in his groin ruptured. In the context of a Liverpool career that had been punctuated with injuries, and some high-profile clashes over how to manage his fitness between Liverpool manager Rafa Benitez and Kewell’s agent, it meant he drew stinging criticism. If that hurt at the time, it helped Kewell develop a thick skin, a valuable asset for a future coach.

Yokohama F Marinos coach Harry Kewell. AFP
Yokohama F Marinos coach Harry Kewell. AFP

History remembers that first half in Istanbul as a low point in Kewell’s long career as a skilful winger and playmaker. In those same 45 minutes, Hernan Crespo – who, as Al Ain head coach, finds himself confronting Kewell in major continental final once again on Saturday – seemed to be heading for a career peak.

Crespo, then 28, was the spearhead forward for Milan in Istanbul. For most of the 85 minutes he was on the pitch, he had been superb, capping a dream opening for his team – they led 1-0 within a minute of kick off – with a neatly taken goal to put them two up. Four minutes later his deft lob over Liverpool goalkeeper Jerzy Dudek gave him a brace of goals, and sent Milan into the half time dressing-room in celebratory mood.

The turnaround that followed utterly rewrote the script. Had Milan not allowed their 3-0 lead to be eroded and erased, Crespo may very well have been named man of the match. Given the eventual outcome, his brilliant second goal now only registers as a footnote.

Kewell’s groin injury, and the widespread surprise that a player who had not completed a full 90 minutes through the preceding five months was picked in Liverpool’s starting XI, is now viewed through a retrospective lens as a stroke of good fortune. The player who came on for Kewell, Vladimir Smicer, scored Liverpool’s second goal in the 56th minute. It was the strike that made a comeback seem plausible.

But by the end of a long night, it was Kewell who received a gold medal. Crespo was left burdened with a lifelong wondering about how that final was allowed to slip away from his Milan.

Milan’s head coach that day, Carlo Ancelotti, believes the reversal of fortune impacted the Argentine more than most of his teammates, many of them Champions League winners two years earlier. “Of all of them, Crespo is probably the one who felt it worst,” Ancelotti later reflected. “He’d never won a European Cup, and that evening in Turkey he thought his time had come, scoring not once but twice. His effort and skill had earned him the right to go home with a major honour. Even today, he lives with the regret he couldn’t lift that Champions League trophy. He deserved it most.”

Ancelotti, now at Real Madrid, speaks with authority. He calls Crespo “a close friend”. Even by the time they reunited as a coach and player at Milan, he had got to know the Argentine well, and come to admire his diligence and his ability to absorb setback and confront adversity.

Carlo Ancelotti, left, and Hernan Crespo, during their time together at AC Milan in 2004. Reuters
Carlo Ancelotti, left, and Hernan Crespo, during their time together at AC Milan in 2004. Reuters

When they worked together at Parma, in the late 1990s, Ancelotti recalls how Parma fans took against the young Crespo, newly arrived in Italy from Argentina, rather as some Liverpool followers in 2005 grew hostile to Kewell.

“He was being whistled and booed in his early days,” Ancelotti wrote of Crespo, “but he changed a city’s opinion of him.” He did so defiantly. Ancelotti recalls the 22-year-old Crespo scoring in a Uefa Champions League group game against Borussia Dortmund “and cupping his hands around his ears, a gesture to say ‘Now boo me if you dare!’”.

He saw the same resolve in Crespo when, 20 summers ago, he joined Milan after an unhappy period at Chelsea. “I don’t know what they’d done to him, but he came to us slow, ungainly, and sad,” according to Ancelotti. “But he worked like crazy to become the Crespo I knew. He began that season as a dead weight but ended it as a hero.” That was the season of the Istanbul final.

As for Kewell, a pioneering footballer for his native Australia, he would gradually become more appreciated in Liverpool. He played another Champions League final against Milan in 2007 – Crespo had left Milan by then – and finished on the losing side. Later in his career, Kewell would make Istanbul his home, during a spell with Galatasaray. There, he says, he learned a good deal about management from his Gala coach, the Dutchman Frank Rijkaard.

Just as Crespo, who endured tough times in his early coaching career before guiding clubs to trophies in Brazil, Argentina and Qatar, absorbed coaching habits from Ancelotti, so Kewell valued the calm, analytic work of Rijkaard once he embarked on a coaching journey that began modestly but has soared sharply in Yokohama. Kewell’s previous appointments as a senior head coach were in clubs in the fourth and fifth tiers of English football; an Asian Champions League final looks a big leap from there.

Kewell, now 45, is also grateful to his time with Benitez, the coach who defied critics to risk Kewell’s fitness and put him in Liverpool’s starting line-up in that epic 2005 final because he believed his enigmatic Australian to be a potential match-winner. Benitez “had faith in me when no one else thought I had a chance,” Kewell would later say.

And if it backfired with his early injury, leaving Kewell’s part in the Miracle of Istanbul relevant only in that Liverpool found a better Plan B without him, there was still a moment in that long night when you could catch a glimpse, from high up in the press box, of Kewell’s latent managerial nous.

As both teams were preparing for the deciding penalty shoot-out, some excitable Liverpool players smothered goalkeeper Dudek with advice. Kewell, substituted over 90 minutes earlier, stepped forward to quietly usher Dudek away from the hubbub. He sensed the most important Liverpool player for the tie-breaker needed a few tranquil moments to compose himself.

Kewell was right. Dudek went on to save two of Milan’s penalties, enough to complete an extraordinary Liverpool comeback.

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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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Updated: May 08, 2024, 10:00 PM