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Monday, May 27, 2024

Qatari Sheikh Launches Official Bid To Buy Manchester United

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Investors from Qatar have officially launched their bid to buy Manchester United.

Sheikh Jassim Bin Hamad Al Thani, the chairman of one of Qatar’s biggest banks QIB, has submitted the offer to the Raine Group, who are overseeing the sale of the Old Trafford club on the behalf of the Glazer family.

Initial bids are to be made by 10pm UK tonight.

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Al Thani, the son of former Qatari prime minister Hamad bin Jassim bin Jaber Al Thani, confirmed the offer in a statement given to The Financial  Times.

The bid is to acquire ‘100 per cent’ of the football club is ‘completely debt free’ and is launched in hope of ‘returning the club to its former glories’.

‘The bid plans to return the Club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more,’ a statement from Al Thani said.

‘The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports.

‘The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world.

‘More details of the bid will be released, when appropriate, if and when the bid process develops.’

The Glazer family are thought to be asking for $5billion to relinquish control of the Premier League side.

There is also interest from British billionaire Jim Ratcliffe along with groups from Saudi Arabia and the US.

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Figures in Qatar has already made substantial investment in club football with Paris Saint-Germain owed by the Qatar Sports Investment [QSI].

UEFA rules prohibit clubs who have the same owners playing in the same competition, a potential stumbling block given United and PSG’s Champions League aspirations.

But recent reports have suggested UEFA are satisfied the move from QIA is a separate entity from QSI.

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