SIR Alex Ferguson and Sir David Frost are setting up a £1 billion property business that aims to buy up property at knock-down prices with the support of Middle Eastern investors.
The football manager and the television personality intend to seek backing for commercial property deals across Europe on the basis that the bottom of the market has been reached.
Yesterday it was reported that their investment company, aAim Capit
al Finance, has received commitments of more than £1bn from Gulf investors for the project.
The Manchester United manager said: "The credit crunch has undoubtedly hit everyone involved in commercial property… (but]… I continue to be confident in a recovery on the real estate front and I am sure that the aAim people will flourish again with their knowledge and adaptability to changing situations."
The venture marks the resurrection of the team, which included Ferguson and Frost, that was behind aAim Group an asset manager that saw about £1.7bn properties under management go into administration last year after the Bank of Scotland withdrew from a funding agreement.
Other backers of the aAim group include Grant Bovey, the buy-to-let entrepreneur and husband of the television presenter Anthea Turner.
Ferguson and Frost are expected to do a roadshow to promote their latest business venture. Frost, who has taken up a position as deputy chairman, hailed aAim Capital Finance as "a new dawn in the property sector".
The Ferguson/Frost link-up is the latest in a series of recent high-profile celebrity business tie-ups.
Last month it was revealed that Simon Cowell is joining forces with Sir Philip Green to form a £1bn global super entertainment company in a bid to rival Disney.
Cowell and the billionaire Top Shop owner will pool finances, resources and industry knowledge to create a worldwide business which straddles show business and fashion.
The full article contains 317 words and appears in Scotland On Sunday newspaper.
