Royal Emirates Group, which is chaired by a member of Dubai's ruling Al-Maktoum family, announced on Thursday that it has signed a deal to buy struggling Spanish La Liga football club Getafe.
The group's managing director Kaiser Rafiq told a news conference in Dubai it has agreed to buy 100 per cent of the club for "between €70 and €90 million", with the exact amount confidential.
"We are very happy to sign this agreement with Getafe, which will be called Getafe Team Dubai," the group's chairman, Sheikh Butti bin Suhail al-Maktoum told reporters.
The club's president, Angel Torres, said he hopes the agreement "will push Getafe to the highest level in domestic and European competition."
The struggling side lies 14th in the 20-club Liga with 37 points.