This past week, the Spanish newspaper Marca reported that Ricky Rubio, the boy wonder of Spanish basketball, had his rights transferred to Regal FC Barcelona though doubts remain if it is a done deal.
Earlier this summer, Rubio was selected by the Minnesota Timberwolves with the fifth pick overall in the NBA draft. The Timberwolves want to sign Rubio but are prevented from doing much by an arcane NBA rule prohibiting their clubs from paying more than US$500,000 (Dh1.8m) in a player transfer.
This laughable transfer allowance, combined with the weak US dollar, makes it difficult for NBA clubs to negotiate player transfers with European clubs. As a result, the players themselves have to pay if they want to transfer to the NBA.
Since the age of 14, Rubio has starred for DKV Joventut Badalona. Joventut want to sell off Rubio, whose contract allegedly stipulates a ?5.75m (Dh30.1m) buyout. As of Wednesday, FC Barcelona have offered a reported ?3.7m for him.
On the face of it, Barcelona's offer is not bad. In fact, it would be a record transfer fee for a European basketball team. But there is always a wrinkle. Badalona is a suburb of Barcelona and there is an obvious cross-town rivalry. Joventut are loathe to face Rubio six times a year in Spanish league play.
There is already talk in Spain that Joventut fans will quit backing their club out of disgust should Joventut accept Barcelona's offer.
Across the Atlantic Ocean, Minnesota are going to be a brutal team for the next two or three years, so Rubio will have plenty of opportunities to play and gain NBA experience.
I have good information that the people in charge at Joventut want nothing more than to see Rubio in a Timberwolves uniform. More than anything, the Badalona club need money. They are in serious financial trouble and are in arrears with the Spanish tax authority.
I am told that the boy wonder wants to leave Spain. Rubio has repeatedly said that his dream is to play in the NBA. He should pay a buyout and get on with it.
If indeed Joventut loathe the prospect of dealing with Barcelona, Rubio should match the buyout Barcelona are offering. Presumably Joventut would rather take the ?3.7m from Rubio (including Minnesota's league-mandated $500,000) than endure the humiliation of dealing with Barca.
While the sum is not small, the boy is still going to earn a hefty salary. As fifth pick, he will earn $2.72m his first year and $2.92m in his second. Those figures are a bit inaccurate, as rookies can and do receive 20 per cent more than the pre-determined rookie salaries in the NBA's collective bargaining agreement. And the Spaniard would have to really stink for the Timberwolves to not extend the team option, a third-year rookie salary of $3.13m.
All up, Rubio could make $10.5m over the next three NBA seasons. Subtracting the buyout capital, he would still make about $5.25m over three years. Furthermore, if he lives up to the hype, his endorsement contracts would go through the roof. I hear that Nike are paying him about $200,000 over the next three years. Surely Nike would rip up their existing contract and give Rubio something much more lucrative and long-term.
In this scenario, everyone wins. Joventut get paid. Minnesota gets their guy. Rubio goes to the NBA and the league's fans rejoice. If you are left thinking that Rubio loses, just remember that he and his parents accepted Joventut's original albeit ludicrous terms some years back.
@Email:gdole@thenational.ae
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
RESULTS
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Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
UAE currency: the story behind the money in your pockets
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
Honeymoonish
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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