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Football

Hernan Crespo sacked six months after guiding Al Ain to AFC Champions League title

Argentine dismissed after club say 'recent performances have fallen short of what we believe this team is capable of'

Steve Luckings
Steve Luckings

November 07, 2024

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  • Arabic

Al Ain have sacked Hernan Crespo only six months after the Argentine guided the UAE club to the AFC Champions League title.

The Garden City club acted a day after suffering a heavy 5-1 defeat to Cristiano Ronaldo's Al Nassr in the rebranded AFC Champions League Elite that left Al Ain bottom of the West Asia group after four games.

"The outcome of this season was not in line with our ambitions," the club said in a statement. "While we thank coach Crespo and his technical staff for their efforts and professionalism, the recent performances have fallen short of what we believe this team is capable of."

Al Ain said a replacement for Crespo will be announced soon.

Crespo, 49, took over in November last year and in May led Al Ain to victory over Japan's Yokohama F Marinos in the two-legged final of the Champions League.

It bookended a fairytale run that also saw Al Ain eliminate Saudi giants Al Nassr and Al Hilal on their way to clinching a second continental crown.

  • Al Ain players and coaching staff celebrate after beating Yokohama F Marinos to win the AFC Champions League on May 25, 2024. Al Ain won 5-1 at Hazza Bin Zayed Stadium and 6-3 on aggregate. All images: Chris Whiteoak / The National
    Al Ain players and coaching staff celebrate after beating Yokohama F Marinos to win the AFC Champions League on May 25, 2024. Al Ain won 5-1 at Hazza Bin Zayed Stadium and 6-3 on aggregate. All images: Chris Whiteoak / The National
  • Two-goal hero and man of the match Soufiane Rahimi celebrates victory.
    Two-goal hero and man of the match Soufiane Rahimi celebrates victory.
  • Al Ain manager Hernan Crespo celebrates with the trophy.
    Al Ain manager Hernan Crespo celebrates with the trophy.
  • Al Ain celebrate their victory at Hazza Bin Zayed Stadium.
    Al Ain celebrate their victory at Hazza Bin Zayed Stadium.
  • Al Ain celebrate their victory at Hazza Bin Zayed Stadium.
    Al Ain celebrate their victory at Hazza Bin Zayed Stadium.
  • Al Ain celebrate their victory at Hazza Bin Zayed Stadium.
    Al Ain celebrate their victory at Hazza Bin Zayed Stadium.
  • Al Ain manager Hernan Crespo celebrates the win.
    Al Ain manager Hernan Crespo celebrates the win.
  • Al Ain players celebrate after the match.
    Al Ain players celebrate after the match.
  • Soufiane Rahimi after scoring his second of the match and Al Ain's third.
    Soufiane Rahimi after scoring his second of the match and Al Ain's third.
  • Kaku scores Al Ain's second goal from the spot.
    Kaku scores Al Ain's second goal from the spot.
  • Al Ain manager Hernan Crespo.
    Al Ain manager Hernan Crespo.
  • Soufiane Rahimi celebrates after scoring for Al Ain to make it 1-0 on the night.
    Soufiane Rahimi celebrates after scoring for Al Ain to make it 1-0 on the night.
  • Yokohama' goalkeeper William Popp after being sent off.
    Yokohama' goalkeeper William Popp after being sent off.
  • Yokohama's Australian manager Harry Kewell.
    Yokohama's Australian manager Harry Kewell.
  • Al Ain's Soufiane Rahimi after scoring his second of the match.
    Al Ain's Soufiane Rahimi after scoring his second of the match.
  • Al Ain's Kaku celebrates after scoring.
    Al Ain's Kaku celebrates after scoring.
  • Yokohama's Yan Matheus celebrates after scoring.
    Yokohama's Yan Matheus celebrates after scoring.
  • Soufiane Rahimi scores for Al Ain.
    Soufiane Rahimi scores for Al Ain.
  • Yokohama's Yan Matheus after scoring.
    Yokohama's Yan Matheus after scoring.
  • Al Ain fans before the game at Hazza Bin Zayed Stadium.
    Al Ain fans before the game at Hazza Bin Zayed Stadium.
  • Yokohama fans before the game at Hazza Bin Zayed Stadium.
    Yokohama fans before the game at Hazza Bin Zayed Stadium.
  • Al Ain fans head to the stadium.
    Al Ain fans head to the stadium.
  • Al Ain fans ahead of the AFC Champions League final second leg.
    Al Ain fans ahead of the AFC Champions League final second leg.
  • Yokohama fans at the Hazza Bin Zayed Stadium in Al Ain. Chris Whiteoak / The National
    Yokohama fans at the Hazza Bin Zayed Stadium in Al Ain. Chris Whiteoak / The National
  • An Al Ain fan outside Hazza Bin Zayed Stadium.
    An Al Ain fan outside Hazza Bin Zayed Stadium.
  • Yokohama fans in the stadium before the game.
    Yokohama fans in the stadium before the game.

However, the former Chelsea and Inter Milan star's side have been on a poor run of form since late September, the final straw being Tuesday's heavy away defeat to the Saudi side Al Nassr. Ronaldo scored once in the rout.

They have also had a poor start to their UAE Pro League campaign and are eighth in the 14-team table. Al Ain have eight points from five matches and are 10 points adrift of leaders Shabab Al Ahli.

Al Ain also exited the Intercontinental Cup after a 3-0 defeat to African champions Al Ahly in the second round.

In all, Crespo led the team in 47 games, achieving 23 wins, six draws, and 18 losses.

The timing of the announcement has left many fans and observers questioning who will step in to fill the void left by Crespo.

There should be no shortage of suitors. Al Ain are one of the UAE's most decorated club with 14 league titles, a record, seven President's Cups and two League Cups.

They are the only Emirati side to win the Asian Champions League having first clinched the trophy in 2001 when it was known as the GCC Champions Cup.

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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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.

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“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.”

Strait of Hormuz

Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.

The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.

Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.

Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.

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    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
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Name: Peter Dicce

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Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

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