Fall from grace: Rangers lost to Malmo in the third qualifying round of the Champions League in 2011 and things have not got brighter since. Press Association
Fall from grace: Rangers lost to Malmo in the third qualifying round of the Champions League in 2011 and things have not got brighter since. Press Association
Fall from grace: Rangers lost to Malmo in the third qualifying round of the Champions League in 2011 and things have not got brighter since. Press Association
Fall from grace: Rangers lost to Malmo in the third qualifying round of the Champions League in 2011 and things have not got brighter since. Press Association

The future of Scottish football: Hedge your bets


  • English
  • Arabic

It's not long since Glasgow Rangers were one of the largest and best-known clubs in the world.  With 54 league titles, they were arguably Scotland's most successful ever football team, regularly playing in Europe.

Just four years ago they were playing in the finals of the UEFA Cup, taking on Zenit St Petersburg at the Etihad Stadium.

Yesterday they started, literally, from scratch.  Reformed in Division 3 after the original club's spectacular financial collapse, The Rangers - as other clubs fans insist on calling them, in a pointed dig at the loss of their history - entered Scottish football at it's lowliest stage: The opening round of the Challenge Cup, a competition open only to lower league sides.

They struggled to an extra time victory at Brechin City, a second division club in a small town between Aberdeen and Dundee in what, on any other day, would have been a major triumph for Brechin.  Such is the topsy turvey nature of the Scottish game now that this, technically, was a giantkilling.  A Division Three side claiming the scalp of a team fromt he league above them.

Brechin's Glebe Park ground is famous for having a hedge running along it.  It's a far cry from the Nou Camp, the Estadio Jose Alvalade or the Etihad.  It's unlikely at those grounds you'd need to send a ballboy up some shrubbery in order to retrieve a stray match ball lodged on top of it.

If ever there was a metaphor for the state of Scottish football, it's that forlorn image.

The Rangers story has become one of the most ugly farces in football history.  From the club's financial skulduggery that saw the Ibrox side left with debts of more than Dh750m, to the desperate horsetrading between the Scottish Premier League, the Scottish Football Association and the Scottish Football League over who would, and wouldn't, take responsibility for punishing them - and, significantly, who would get Rangers' TV rights to their games now they are outwith the SPL.

Then there's the schizm between clubs and supporters, the former keen to keep Rangers within touching distance (subject to suitable punishment) to ensure they can still capitalise on the ancillary revenue their presence generates, while fans wanted to see them penalised in the most severe terms available.

Where the story goes from here remains to be seen.  The SFA, SPL and the newco formed to replace Rangers are still at loggerheads over how much more punishment should be dealt out to the side over the transgressions it's predecessor made, a situation which took a further ugly twist last night when Rangers' new owner, Charles Green, suggested that bigotry was at the heart of the continuing drive to punish Rangers further.

Hurling about the B word in this situation carries with it its own problems, as any long-term observer of Scottish football can confirm, and it risks dragging the usual west coast sectarian nonsense into an already messy situation.

But he's right in another of his comments - that this remarkable mess is unprecendented and has dragged on.

"It seems to me the whole of Scotland have wanted to kick this giant club while it was down," he told the BBC.

"I think justice has been done. The club were fined 10 points, it received an £190,000 fine, it was then put out the SPL, it was then put down to the Third Division, it has had to pay all the Scottish club debts, which wouldn't normally happen for a newco to be obliged to pay oldco's debts.

"We're also now paying European debts and there is still potential cloud hanging over the club from the SPL over EBT issues."

What has emerged is this awkward situation where Rangers are being regarded as a new company when it suits - with no history, no titles, starting from square one as the newest member of the SFL, a club barely a few weeks - rather than 140 years old.  Yet this new company is also to be punished as if it were the old one, being docked the titles that it supposedly doesn't have in the first place, and the SFA refusing to grant them membership unless they accepted sanctions for the old company's football debts.

An SPL investigation into how the old club paid its players held up approval for the club to join the league so long, they had to be given a conditional membership to allow the Brechin game to go ahead yesterday.

And the media rights deal is the most telling.  Clubs wanted Rangers sent to the bottom of the pile, yet still wanted access to all the supposed wealth that their presence in the top flight would generate - to the extent of threatening to withhold contractual payments from the SPL to the SFL if a deal was not done, claiming it would sabotage their TV deal with Sky and ESPN in the UK.

Viewed in those terms, there does seems to be a substantial amount of 'having cake and eating it' going on in the Hampden corridors.

Justice must be seen to be done, of that there is no doubt, and yesterday's game gives cause to think - or hope, depending on your point of view - that Rangers' rise back to the top flight will not be the cakewalk their supporters expect.  But the vested self-interests already shown by the various parties in all of this suggest the longer it drags on - and it will - the greater the long-term damage to Scottish football there's likely to be.

In Scotland there's a saying - the ba's on the slates, meaning something's unobtainable or out of reach.  In the case of a satisfactory outcome to this whole mess, the ball might not be on the slates yet, but it's certainly on a hedge...

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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
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Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

NEW ARRIVALS

Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m 

ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

UAE currency: the story behind the money in your pockets
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

Titan Sports Academy:

Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps

Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE

Telephone:  971 50 220 0326

 

CREW
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A

Our Time Has Come
Alyssa Ayres, Oxford University Press

Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

RESULT

Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')

 

Man of the Match: Aaron Mooy (Huddersfield Town)

The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A

Abu Dhabi Desert Challenge – Rally schedule:

Saturday: Super Special Spectator Stage – Yas Marina Circuit – start 3.30pm.
Sunday: Yas Marina Circuit Stage 1 (276.01km)
Monday: Nissan Stage 2 (287.92km)
Tuesday: Al Ain Water Stage 3 (281.38km)
Wednesday: ADNOC Stage 4 (244.49km)
Thursday: Abu Dhabi Aviation Stage 5 (218.57km) Finish: Yas Marina Circuit – 4.30pm.

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5