Manchester United boss Alex Ferguson is taking part in a property venture, backed by Middle Eastern investors, that intends to buy budget priced European real estate, according to the Financial Times.

Ferguson and British broadcaster David Frost are part of an investment company, aAim Capital Finance, that has been promised more than $1.64 billion.
“The credit crunch has undoubtedly hit everyone involved in commercial property,” Ferguson was quoted as saying by the report.

“I continue to be confident in a recovery on the real estate front and am sure that the aAim people will flourish again with their knowledge and adaptability to changing situations,” said Ferguson.

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