Fayed sells off Harrods for £1.5bn
Maurice Chittenden
May 9, 2010
MOHAMED AL-FAYED, a thorn in the side of the British Establishment for a quarter of a century, signalled his plans to retire yesterday by selling Harrods, the London department store, to the Qatari royal family for £1.5 billion.
The Egyptian billionaire will make what could be his last big public appearance this Wednesday when Fulham, the football club that he owns, play Atletico Madrid in the final of the Europa League in Hamburg.
The sale of Harrods will almost certainly have put paid to Fayed’s long-held ambition to be entombed on the roof of the store in a pyramid — like a modern-day pharaoh.
It could also mean that Fayed’s shrine to Diana, Princess of Wales is likely to be moved out of Harrods. Fayed’s son, Dodi, died in the Paris crash which killed Diana in 1997.
Fayed’s purchase of the store in 1985 — a majority share cost him £615m — sparked a Department of Trade inquiry and a long-running feud with Roland “Tiny” Rowland, head of the Lonrho conglomerate, who also wanted to buy it.
Fayed triggered the cash-for-questions scandal of 1994 after offering money to two Tory MPs to table parliamentary questions on his behalf. Tom Bower, Fayed’s biographer, said: “I think the rejection of his ludicrous claims about the royal family being involved in Diana’s death was the end of him. He was humiliated by his failure to prove a conspiracy.”
business.timesonline.co.uk
earlier .............
Harrods owner Mohamed al Fayed has told staff that the store is not for sale, following a takeover approach from Qatar, Sky sources can reveal.
Harrods Owner Mohamed Al Fayed Tells Staff Store Not For Sale After Takeover Approach From Qatar | Business | Sky News