The Georgia Dome in Atlanta remains a perfectly fine building for professional football. Still a teenager, it is nowhere near long in the tooth. Capacity is enough to accommodate nearly every Atlanta Falcons fan willing to buy tickets.
Arthur Blank, the team owner, craves a new stadium. That seems akin to trading in your car after it has logged only 40,000 kilometres, but he can well afford it.
Blank, the former owner of the ubiquitous American home improvement store chain called The Home Depot, has a net worth of US$1.2 billion (Dh4.4bn), according to Forbes, and the franchise value has risen 52 per cent since he bought it in 2002 for $545 million.
But wait. Blank expects the quasi-public agency that operates the Dome and the proposed site of a new stadium to issue bonds that would pay some of the costs. That should be 15 yards for unsportsmanlike conduct, sticking it to taxpayers at the same time that funding for public schools in Georgia is being cut.
This sickness is pervasive among NFL team owners. In Minnesota, the Vikings' Zygi Wilf has capitalised on the collapse of the Metrodome's inflatable roof amid a once-in-a-lifetime snowstorm and the fear of the franchise relocating to Los Angeles in his campaign for a replacement stadium. Of course, citizens would contribute to the project. Never mind that Blank might expect Wilf, worth $1.3bn, to pick up their lunch bill.
The shameless insouciance of these folks who seem detached from reality has generated a shifting of the winds.
The public, which normally sides with management during labour disputes in American sports, is sympathetic toward the players in a stand-off with owners that has pushed the league to the brink of a lockout.
In a poll conducted by Seton Hall University, 35 per cent who participated backed the players, compared to 22 per cent for their bosses. This, even though the same study found that most contend the players are overpaid.
Taxpayers are increasingly fed up with being forced to become stadium-erecting partners with Rolex-wearing, yacht-sailing jet-setters. Economists nowadays agree on little, but one belief they share is that public support of professional sports offers almost nothing financially in return.
The Giants and Jets grew tired of their shared arena and convinced the government to pitch in for a new-and-improved one. The old Giants Stadium was torn down despite carrying more than $100m in debt that must be paid off by the good people of New Jersey.
Then the Giants hit their fans for personal seat licence fees of $1,000 and more for the "right" to purchase exorbitantly priced tickets in the new facility - the bill for which they partly footed.
The nerve.
Roger Goodell, the NFL commissioner, stands complicit in this wasteful building boom. From his office comes a wink-nod promise of the ultimate in ego gratification for owners: host your own Super Bowl! Just throw up a stadium and you will get the big game. How you bankroll it, that's your business.
Which explains why the 2014 Super Bowl was awarded to New Meadowlands in a region where the average low temperature in February is -2°C.
Which also explains why 22 of 32 teams have moved into fresh digs or had their existing ones totally made over in the last two decades.
In that time, teams have been blessed with more than $7bn in taxpayer subsidies for construction and renovation, according to the NFL Players' Association.
The union reports that, on average, taxpayers put up 65 per cent of the financing for those projects. Owners found a way to avoid putting in any money for 10 of them; for nine others, their contribution amounted to less than 25 per cent.
Further driving public sentiment toward the players are reports on the sport's inherent physical risk, particularly for victims of post-concussive syndrome that has ravaged retirees. Fans are looking beyond the average salary of $1.9m and discovering other statistics:
Ÿ$770,000, the median yearly pay.
ŸThree-and-a-half years, the average length of career.
ŸEleven, the average number of players per team on injured reserve this past season.
While many of us might trade places with the players, the figures show that most of them accumulate more aches and pains than enough wealth to last them a lifetime.
For team owners, it is a different story. Admittance into the club all but guarantees going from rich to richer, experienced from the comfort of a stadium luxury suite.
Fine. That is the American way. But those who knock on government doors seeking handouts to finance mostly unnecessary arenas should instead heed the marketing message aimed at customers of Blank's old home improvement stores.
Do it yourself.
sports@thenational.ae
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
STAR%20WARS%20JEDI%3A%20SURVIVOR
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Respawn%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Electronic%20Arts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Playstation%205%2C%20Xbox%20Series%20X%20and%20S%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
UAE currency: the story behind the money in your pockets
Scoreline
Real Madrid 1
Ronaldo (53')
Atletico Madrid 1
Griezmann (57')
Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
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.”
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
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Story of 2017-18 so far and schedule to come
Roll of Honour
Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
Fixtures
Friday
West Asia Cup final
5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.