Sheikh in £440m loss | inside World Soccer

Sheikh in £440m loss

Monday, January 19, 2009

Manchester City owner Sheikh Mansour Bin Zayed Al Nahyan has lost £440 million, which is nearly double the money he is set to spend on AC Milan star Kaká.

According to The Sun, Sheikh Mansour, a member of Abu Dhabi's royal family, was shocked by the collapse of the shares of British bank Barclays, which lost £2.7 billion of its market value.

The Arab tycoon had plunged £3.5 billion of his estimated £33 billion fortune into Barclays Plc last October, giving him a stake of up to 16.3 percent stake in Britain's second-biggest bank.

A banking insider said: "It’s fair to say Sheikh Mansour had a day from hell.

"Talk about being in the Kaká. He must have watched the news with his head in his hands.

"You wake up preparing to make history with the biggest ever offer to a footballer. Hours later, you’re down £440 million."

A £440 million loss is equivalent to the gross domestic product of African nation Gambia.

Bank of England deputy governor Sir John Gieve warned yesterday Britain faces the worst recession for decades.

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