Tottenham remain adamant the Croatian midfielder is 'not for sale at any price'.
Tottenham remain adamant the Croatian midfielder is 'not for sale at any price'.
Tottenham remain adamant the Croatian midfielder is 'not for sale at any price'.
Tottenham remain adamant the Croatian midfielder is 'not for sale at any price'.

Spurs's stand on Modric to deny Chelsea is sign of their ambition


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When Roman Abramovich, wearing a beaming grin and displaying all the grace expected of a Russian oligarch, bought Chelsea eight years ago, he ushered in an era of vertiginous transfer fees.

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Lost amid the big-name signings in the summer of 2003 - among them Hernan Crespo, Adrian Mutu and Claude Makelele - was a Scottish goalkeeper who transferred from Tottenham Hotspur to Chelsea for a meagre £500,000 (Dh2.93 million).

Neil Sullivan's role in the Chelsea revolution was limited - he made only four appearances - but his transfer is significant in that it was the first and remains the only time Abramovich managed to successfully strike a deal with Daniel Levy, the chairman of London rivals Spurs, without the threat of legal action.

The two men met for the first time two months before the Russian acquired Chelsea for £150m. Abramovich asked as to the availability of the north London club. Levy quoted the billionaire a deliberately high price to end any interest.

With no formal offer on the table, the Tottenham chairman was able to dismiss the approach out of hand without having to put it to the board.

With the exception of the Sullivan transfer, Abramovich has never since relied on negotiations involving the club's chief decision maker - it is little wonder the loathing between the two clubs is as strong as ever.

In 2004, Frank Arnesen, the renowned Danish scout, was employed as Tottenham's director of football. In his first year in the role, the man credited with discovering the Brazilian striker Ronaldo and Dutchmen Jaap Stam and Arjen Robben, secured Spurs the signatures of, among others, Michael Carrick, Tom Huddlestone, Michael Dawson and Aaron Lennon, all of whom have gone on to become England internationals.

However Arnesen, just 12 months after joining Spurs, was suspended by his club following an alleged illegal approach by Chelsea. Abramovich, in bypassing Levy, was able to convince Arnesen to request a move to Stamford Bridge.

But when the Dane was photographed aboard his prospective employer's yacht, Levy's tapping-up claims were reinforced and he threatened to file a complaint to the Premier League. Chelsea eventually agreed to pay a "significant" sum of compensation, believed to be in the region of £8m to £10m.

Despite dismissing Arnesen at the end of the most recent season, Abramovich's willingness to pay compensatory fees to secure his staff has obviously not diminished. Chelsea activated a €15m (Dh79.1m) buyout clause in the contract of Andres Villas-Boas, the former Porto manager, on Tuesday, but it is their pursuit of Levy's latest prize asset, Luka Modric, that smacks of similarities.

Last week, after refusing to consider a £22m bid for Modric, Tottenham issued a strongly worded statement that intimated they believed Chelsea were deliberately trying to unsettle the Croatian midfielder - much in the same way they did six years ago in their courting of Arnesen.

"We made our stance on this issue abundantly clear in writing to Chelsea," Levy said. "They chose to ignore it and then subsequently made the offer public."

Modric signed a six-year extension only last summer yet was quoted by an English newspaper as saying "Chelsea are a big club with an ambitious owner" and that "I want to leave Tottenham".

Levy responded by announcing Modric as "not for sale at any price" and behind closed doors, threats have been made that he will report Chelsea to the Premier League if they return with an improved bid.

Levy's stance is admirable. Having graduated with a first-class degree from Cambridge University, he is clearly no fool and is renowned in football circles for driving the hardest of hard bargains.

Critics often cite the transfers of Carrick and Dimitar Berbatov to Manchester United as Levy's willingness to capitalise on his investment at the detriment of his club, but the Modric situation will prove such naysayers wrong.

Such a strong statement means were he to relent, not only would it send an apocalyptic message to the rest of the Spurs squad, but it would also prove his own position at the helm wholly untenable.

Spurs have shown in recent seasons they can go toe-to-toe with Chelsea on the football pitch, now Levy must prove he can go toe-to-toe with Abramovich in the boardroom, without buckling to a lucrative compensation package.

If the Tottenham chairman genuinely plans to build a team capable of challenging for the league title, he must stand firm against Abramovich once again, he must retain his best players and he must strengthen his squad to show Modric that the north London club he is contracted to for the next five years has its own "ambitious owner".

With Modric expected to backtrack on his recent comments in a statement set for release later this week, Levy's hand will be strengthened and the most significant transfer of recent times directly involving the two clubs will remain a Scottish goalkeeper.

COMPANY%20PROFILE
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Engine: 2.0-litre 4cyl turbo

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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

RESULTS

ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6

WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4

ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0

Five hymns the crowds can join in

Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday

Some 17 hymns will be sung by a 120-strong UAE choir

Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium

‘Christ be our Light’ as the entrance song

‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar

‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion

‘Tell out my Soul’ as the final hymn after the blessings from the Pope

The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’

There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia

The choir will be accompanied by a brass ensemble and an organ

They will practice for the first time at the stadium on the eve of the public mass on Monday evening 

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The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking. 

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.”

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