Football crazy

Sep 2nd 2008
From Economist.com

More upheaval in English football, as investors from the Middle East spend $360m on Manchester City

FANS were surprised, in 2003, when a little-known Russian oil billionaire splashed out $226m for Chelsea football club. These days foreigners spending fortunes on English clubs is far more common. The Premier League has become the richest and most famous in the world. On Tuesday September 2nd, Manchester City, a mid-table team, changed hands for the second time in little over a year. Abu Dhabi United Group, a Middle-Eastern consortium backed by oil-rich royals, will pay $360m for the club, quite an improvement on the $165m paid in 2007. We have left out another club, Derby County, which was bought for some $100m in January but relegated in June.

AFP