SHEIKH JASSIM OF QATAR SUBMITS NEW BID FOR MANCHESTER UNITED: UK MEDIA

Sat 25 March 2023:

Sheikh Jassim bin Hamad Al Thani of Qatar has made a new bid to buy Manchester United, according to UK media reports.

According to the Press Association and the BBC, the chairman of Qatar Islamic Bank placed a second-round offer overnight.

According to Sky Sports News, the offer is worth approximately 5 billion pounds ($6.12 billion).

Jassim, the former prime minister of Qatar’s son, launched the bid in February. At the time, a spokesperson for the sheikh stated that the bid was completely debt-free and made through Jassim’s Nine Two Foundation.

On Thursday, British billionaire Jim Ratcliffe submitted a revised bid, while Finnish entrepreneur Thomas Zilliacus entered the race to own Manchester United.

Bidders were told they had until 21:00 GMT on Wednesday to submit new bids, but that deadline has reportedly been extended.

One or more of the initial bids were thought to be in the 4.5 billion pound ($5.5 billion) range.

ANALYSIS: THE MAN UTD BID AND QATAR’S GLOBAL SPORTING INTENT

Such a price would make Manchester United, which have not won the Premier League for a decade, the most expensive sports club in history although it would be short of the 6-billion-pound ($7.3bn) valuation reportedly placed on United by its current US-based owners, the Glazer family.

Jassim and Ratcliffe, the founder of chemicals giant INEOS, remain the front-runners to buy United should the Glazers give up control of the club.

Zilliacus entered the race on Thursday with a bid that he said would give fans the chance to own 50 percent of the club.

The Glazers have angered many United supporters by saddling the club with huge debts since they took over in 2005. They appeared ready to cash out at an enormous profit when they invited external investment in November.

However, they could yet shun the option of selling a controlling stake in the club as other parties are understood to be interested in minority shareholdings.

The Times reported US hedge fund Elliott Investment Management, which sold AC Milan for $1.3bn last year, has made a bid for a minority stake.

A first round of bidding took place last month, and it has been reported there are as many as eight potential investors in the club.

Jassim is bidding for 100 percent control, aiming to return the club to its “former glories”.

A source familiar with Jassim’s bid had earlier told the Agence France-Presse news agency that he remains confident his bid is “the best for the club, fans and local community”.

A Qatari purchase of United would raise the Gulf state’s sporting profile months after it hosted the 2022 World Cup.

Reigning Premier League champions Manchester City’s fortunes have been transformed since a takeover from Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family, in 2008.

In 2021, the Saudi sovereign wealth fund bought a controlling stake in Newcastle.

According to Deloitte, Manchester United is the fourth richest football club in the world. They are widely regarded as one of the most valuable assets in sports.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

___________________________________________________________________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

TWITTER (CLICK HERE)
https://twitter.com/IpIndependent