The group's managing director, Kaiser Rafiq, told a press conference in Dubai that it had sealed a deal to acquire 100% of the club for between Eur70-90 million, although the exact financial details have not been publicly disclosed.
"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.
It has not been confirmed yet whether the new owners will be allowed to change the name of the team as planned. The club's president, Angel Torres, said he hoped the takeover would "push Getafe to the highest level in domestic and European competition", according to AFP.
If the acquisition is rubber-stamped, Getafe will become the third Spanish club to be purchased by Gulf-based investors. Qatari billionaire Sheikh Abdullah bin Nasser Al-Thani bought Malaga in May 2010 for Eur25 million and Dubai-based Indian tycoon Ahsan Ali Syed bought indebted Racing Santander in January for a reported Eur30-40 million.
