Yankee Stadium will resound to the cheers of baseball fans for the last time tonight when the Yankees take on the Baltimore Orioles.
Yankee Stadium will resound to the cheers of baseball fans for the last time tonight when the Yankees take on the Baltimore Orioles.

The final applause



Yankee Stadium, the "cathedral of baseball" and one of the world's most celebrated sporting venues, will stage its last competitive game tonight. A shame, then, that this most famous arena - where Babe Ruth and Joe DiMaggio wowed millions, where Muhammad Ali and Joe Louis fought, where Popes prayed and where "the greatest NFL game ever played" was staged - will be bowing out with a whimper, rather than a Bronx roar.

Sadly, in their last season at the 85-year-old stadium before moving to a new, US$1billion (Dh3.7 billion) home just across 161st Street, the New York Yankees have been having a wretched time. Despite boasting the highest paid collection of baseball stars ever assembled, the team will not make the play-offs this season for the first time in 13 years. That, though, will be forgotten tonight for the stadium's emotional send-off.

Other events and concerts will be staged at the stadium before they start pulling the old place down, probably early next year, but this weekend's game against the Baltimore Orioles will, in effect, mark the last hurrah for "The House that Ruth Built". In fact, it was not so much a house that Ruth built as a house built for him: the short right porch was specifically designed for his home run swing.

Ruth showed his appreciation at the first game at the stadium on April 18 1923, when he stroked a three-run homer before 74,200 adoring fans to beat archrivals, the Boston Red Sox, 4-1. Four years later, Ruth became the first player to hit 60 home runs in a season - a record that would stand for 34 years until another Yankee, Roger Maris, topped it. So many more great moments in non-baseball history also unfolded in the Bronx, not least the first- round knockout of Germany's Max Schmeling, Hitler's supposedly invincible champ, by Joe Louis, the Brown Bomber, in 1938.

And, in that "greatest game ever played", the Baltimore Colts recorded an extraordinary, come-from-behind victory in 1958 over the New York Giants, who played at Yankee Stadium for several years, to win the NFL championship. But, for most, it will forever be baseball and the 26 World Series titles won there during the 20th century that the stadium will be primarily remembered for - from DiMaggio's grace to Mickey Mantle's flare, from the awesome "murderers' row" batting line-up in the late 20s to the unlikely "pinstripe destiny" team of 1996, who overcame the odds to beat the Atlanta Braves after dropping the first two games in the World Series.

Yet, there is one man whose achievements and whose personality stand out even more prominently than Ruth's among the thousands who have competed at Yankee Stadium over the years: Lou Gehrig. Voted the greatest first baseman of all-time in a recent ballot of baseball writers, he was a native New Yorker who played for the Yankees between 1925 and 1939. The "Iron Horse" played 2,130 consecutive games, a record that was to last more than a half-century, and he ended up with a lifetime batting average of .340.

His performances, though, began to tail off in the 1938 season and, the following year, tests revealed that he was suffering from a fatal neuromuscular disease, amyotrophic lateral sclerosis - or Lou Gehrig's Disease as it is still known in the US today. On July 4 1939, Gehrig said goodbye at Yankee Stadium to 61,808 fans. Mayor Fiorello La Guardia described Gehrig as "the greatest prototype of good sportsmanship and citizenship".

In response, Gehrig, who no longer had the arm strength to hold the many gifts he was given, made a speech of such dignity and grace that it still echoes through the ages. "Fans, for the past two weeks you have been reading about the bad break I got. Yet today I consider myself the luckiest man on the face of the earth," he said. "When you have a father and a mother who work all their lives so that you can have an education and build your body - it's a blessing. When you have a wife who has been a tower of strength and shown more courage than you dreamed existed - that's the finest I know.

"So I close in saying that I might have been given a bad break, but I've got an awful lot to live for. Thank you." Lou Gehrig died two years later at the age of 37. Tonight the place he played his baseball will finally pass into history, too. dsapsted@thenational.ae

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The specs: 2019 Mercedes-Benz GLE

Price, base / as tested Dh274,000 (estimate)

Engine 3.0-litre inline six-cylinder

Gearbox  Nine-speed automatic

Power 245hp @ 4,200rpm

Torque 500Nm @ 1,600rpm

Fuel economy, combined 6.4L / 100km

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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.”

The Greatest Royal Rumble card as it stands

The Greatest Royal Rumble card as it stands

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura

Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

United States Championship Jeff Hardy (champion) v Jinder Mahal

SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos

Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt

Casket match The Undertaker v Chris Jericho

Singles match John Cena v Triple H

Cruiserweight Championship Cedric Alexander v tba

Race results:

1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min

2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec

3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec

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