Date:Sunday November 29 2009
With City running dry of ideas on the pitch, news from afar suggests that money could be running dry in the boardroom as the financial crisis catches up with the lavish spending of the Emirates.
If you have read the news recently, you will have no doubt come across reports that the state-owned Dubai World, made famous for its world shaped man-made island chain, asked for more time to repay its debts.
The islands, along with numerous ambitious real-estate projects have shot the United Arab Emirates (UAE) and in particular, Dubai, to the top of the list for luxury resorts amongst the rich and wealthy.
News of Dubai World`s debt crisis has rocked the financial world with fears of further recession sweeping through the stock market which fell unanimously world-wide. As of August, it was reported that Dubai World held 73.5% of Dubai`s total debt, a massive £49bn. The Daily Mail went as far as describing Dubai as a 'monument to vanity and greed'.
The knock-on effect for Manchester City may be far reached if indeed the financial crisis has hit the Emirate states. With falling oil prices, as much as 5% in the US, the repercussions for City`s owners may mean that not only is less time invested in the clubs development in the short term as they look to solve serious domestic issues, but if indeed the level of debt is as high as feared, City`s cash flow may begin to dry up as much as Dubai`s oil wells.
Some of you may be sitting back in your chairs wondering what the problems in Dubai have to do with Abu Dhabi and Manchester City. You are right to question this as the two states are independently run, however, Dubai`s oil-rich neighbor has already bailed them out at a cost of $10bn and this latest set-back should see that figure multiply.
Like Dubai, is Manchester City's foundations built on sand? The football team dubbed 'the richest club in the world', could soon be signing bargain bin misfits once again as Abu Dhabi is left to pick up their bill for Dubai's reckless spending.
What do you think? How will this latest economic setback affect City`s bid to gatecrash the top four in the near future? Will we see Samaras back in sky blue? Have your say HERE.
Date:Sunday November 29 2009
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