When Sandro Rosell was elected the Barcelona president in June, many wondered if he was inheriting a poisoned chalice.
Given that Joan Laporta, the previous incumbent, had overseen two Champions League and four league titles in his seven-year stint, many thought Rosell could only fail.
A one-time supporter activist and lawyer, Laporta swept into power at Camp Nou in 2003 on an attention-grabbing, but unfulfilled promise, to bring David Beckham to the club.
Rosell was his vice-president, an ambitious Nike marketing executive from a respected Catalan family. His father had been Barca's managing director in the 1970s and his Nike influence later led to Ronaldinho signing.
As results picked up and Barca won the league in 2005, the pair fell out and Rosell stepped down, later publishing a book critical of Laporta and accusing him of being autocratic and power hungry.
He was not alone in making such accusations, especially in the final two years of his presidency. "Profligate" and "nepotistic" were two other terms frequently heard.
Laporta left for a future in politics where he has the ambition to lead Catalonia to absolute independence from Spain, boasting that his presidency was the most successful ever - whichever way it was judged.
So there was surprise when Rosell revealed that a €155 million (Dh790.5m) loan was required to pay the bills soon after his appointment. Many sensed it was the new president taking the wind out of the sails of the old regime, yet allegations of financial misconduct continued.
Rosell portrayed an image of someone playing an ultra straight bat, even if it cost him friends in high places.
Johan Cruyff, the Barca legend, had accepted Laporta's offer to become the club's life president.
Rosell correctly stated that such an appointment was against club rules and that it should be put to a vote. Cruyff handed back the honour in disgust.
Furthermore, the €11m profit presented by Laporta's board was audited to a €79m loss. Figures had, fans were told, been assumed, with revenue accounted which had not been received.
An ongoing dispute with pay television company Sogecable subsequently led to Barca appearing in court and ordered to pay €57m, providing part confirmation of Rosell's accusations.
To fans proud that Barca is a club that pays its way and contemptuous of the debts of English clubs, it was a heavy blow.
Rosell's board have approved a new code of ethics, big on "transparency" and forbidding "employment to relatives". Barca's directors are paid only in prestige, but the previous number of private jets on expenses and other excesses raised eyebrows. "Receiving commissions" will also be outlawed.
More allegations have emerged which highlight the profligacy of the Laporta regime, with expenses claimed for a number of surprising items like cigars.
And last week, Barca's general assembly voted to take Laporta to court for financial losses, with Rosell describing the decision as "the most important decision taken by members in the history of the club". He added that: "There is nothing agreeable about it and personally I feel very uncomfortable with it all."
Laporta responded with a stinging attack, the type which Barca's team have been unable to muster as frequently as hoped so far this season.
"Our management of the club was impeccable," he said. "We helped build the best Barca ever, but they [Rosell et al] have helped build a bad name for our management. This damage may have irreparable consequences and he does not deserve his position at the club."
Barca's internal politics will now be thrashed out in a public court, a distraction any club could do without, not least one faced with the challenge of Jose Mourinho's Real Madrid.
sports@thenational.ae
AIR
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If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
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”.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
SPEC%20SHEET
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The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
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Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
No_One Ever Really Dies
N*E*R*D
(I Am Other/Columbia)
Mobile phone packages comparison
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception