According to the UAE’s official news agency WAM, Dubai based Sheikh Mansour bin Zayed Al Nahyan has denied reports that he is going to buy Spanish football team Real Madrid for $1 billion. WAM said on Monday that sources close to the sheikh have denied the reports, claiming them to be “unfounded” and “lacking credibility”.

Sheikh Mansour bin Zayed Al Nahyan owns English Premier League club Manchester city and sources say that his focus is completely centered towards making it one of the Premiership’s top clubs.

A report in the Spanish sports daily AS on December 27 had said that Real Madrid was being bought by the sheikh, and varies other news agencies had subsequently published this report, which is now being denied.