Mohammed Al Fayed sells Harrods store to Qatar Holdings

[jannyk]

Source: BBC

The department store Harrods has been sold for a fee of around £1.5bn, the BBC can confirm. Owner Mohammed Al Fayed has agreed to sell the exclusive west London store to Qatar Holdings.

Reports in March had suggested that the Gulf-based investor, which works on behalf of the royal family in the Arab emirate of Qatar, had approached Mr Al Fayed about a possible deal.

He waged a 10-year campaign to prove that Princess Diana and his son Dodi were murdered in a conspiracy. Despite living in Britain for decades, the multi-millionaire businessman has repeatedly been refused a UK passport.

Read more: http://news.bbc.co.uk/2/hi/business/8669657.stm

[muriel_volestrangler]

1. That's surprising - it seemed to be a fundamental part of how he saw himself

His ego seemed pretty much defined by it. But I've looked up his age, and he's 77 - perhaps he's effectively retiring, and his children (the surviving ones are only in their twenties, I think) don't want to run it. He does have Fulham Football Club as an interest, still - they've got to a European cup final in their best ever success, so perhaps that's enough for him.

[JCMach1]

2. It's about the $$$

[muriel_volestrangler]

3. It's not just about money for Fayed

He has a massive ego, and has spent millions to support it. He spent millions trying to support his claims about his son and Diana's deaths, he spent a lot trying to get British citizenship, he owns a football club, which is almost certainly something he loses money on - but which gives him another stage to strut on.

[JCMach1]

4. Maybe he is ill?

You are right about the ego... It is writ large all over his store...

I don't see him giving up just to retire...

Sick? Money troubles? Some combination?