Royal Emirates Group, the investment arm of the Dubai royal family, has bought an as yet unnamed La Liga club and is set to rebrand the team and invest heavily.
Early reports indicated that the club in question was Real Zaragoza and suggested that the cash-strapped outfit would be renamed 'Team Dubai'.
But a spokesperson for Royal Emirates Group, owned by Sheikh Butti Bin Suhail Al Maktoum, confirmed to ESPNsoccernet that Zaragoza are not the club in question and that the club that has been bought will not be completely renamed.
The spokesperson said: "It is a Spanish La Liga division side. The team will not be renamed but it will be titled as '[club's name] Team Dubai' in order to deliver the message that Dubai care."
The team's identity will be revealed at a press conference on Thursday but ESPNsoccernet understands that the club in question are a mid-table, debt-free Primera Division side who have enjoyed some domestic success in recent seasons and have participated in European compeition.
The club's chairman and several high-profile players are due to arrive in Dubai on Wednesday.