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Bahraini Sheikh May Lose Palace To Sportsbook

11 July 2011 by CasinoListings

This story was published more than 12 years ago.

A Bahraini Sheikh is in financial trouble and risks losing his share in a royal palace unless he pays his debt to UK sportsbook Spreadex.

Sheikh Al Khalifa recently had litigation filed against him by Spreadex in the amount of £240,272 , money that he lost through the organization. Under the order, if after June 30th the debt was not paid, Spreadex reserved the right to sell off the Sheikh's interest in a Bahraini royal palace. The deadline indeed has passed without the debt being paid, and the UK sportsbook may sell off Al Khalifa's rights to the palace.

However, The Ahul Bayet News Agency is reporting that members of the royal family are entitled to hold shares in royal palaces, which may make selling the Sheikh's share more difficult. One possible solution involves other royals with a stake in the palace buying the outstanding property from Spreadex.

Authorities in Bahrain claim that they do not know Sheikh Al Khalifa, however court documents show him to be residing in their London embassy. An application to seize his passport has been made.