Yorkshire cricket club is latest UK team to seek Middle East investment
Experts see a growing trend in Middle Eastern investors wanting to get involved in British sports, as countries in the region diversify their economies.
England’s Yorkshire County Cricket Club is seeking refinancing from Middle Eastern investors according to reports this week, and as Gulf countries increase their shares and interest in British sports clubs.
"A large proportion of the target investor pool are based in the United Arab Emirates and India, with additional names from Pakistan, Saudi Arabia and Qatar," the club's advisory firm, Grant Thornton, told Reuters on Wednesday. The firm added that investments from family offices, private equity and sovereign wealth funds were all being reviewed as potential refinancing sources.
The Yorkshire club made headlines recently when a former player, Azeem Rafiq, charged that he had been the target of racism from his teammates. The Cricket Disciplinary Commission, however, cleared those players last week after finding "inconsistencies" in the evidence submitted.
Middle Eastern investors have been increasing their presence in British sports franchises. In soccer, a handful of teams from the English Premier League have Middle Eastern owners or investment interest. For example, UAE Vice President Sheikh Mansour bin Zayed Al Nahyan bought Manchester City through the Abu Dhabi United Group in 2008.
