Financial Times FT.com

Dangers of those dazzling trophies

By Andrew Hill and Paul Betts

Published: September 3 2008 19:47 | Last updated: September 3 2008 19:47

The trophy is, by definition, an object with no useful purpose except as a symbol of power, excellence or, in the case of trophy assets, wealth.

That’s not something that seems to worry Abu Dhabi. In the past couple of days, the emirate has bought Manchester City, the British premier league football club, and set out plans to invest in film production. Those investments will join a government-backed portfolio of assets that already includes two London restaurants, a stake in Ferrari, the sports car manufacturer, and control of Manhattan’s Chrysler Building.

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