A Qatari group led by Sheikh Jassim Bin Hamad Al Thani, the head of Qatar bank QIB, will make a buyout offer for Manchester United. Prior to a deadline set by investment bankers The Raine Group, who are supervising any potential takeover, an offer for “100%” of the club was submitted.
The Glazer family, who currently owns the Premier League heavyweights, declared in November that they were “exploring strategic alternatives” to their ownership and put the team up for sale.
In January, entrepreneur Sir Jim Ratcliffe became the first to openly express interest in buying the club.
Sheikh Jassim Bin Hamad Al Thani today confirmed his filing of a bid for 100% of Manchester United Football Club, according to a statement from the Qatari consortium.
The offer seeks to put the supporters back in the center of Manchester United Football Club in order to bring the team back to its former heights on and off the field.
The Sheikh Jassim’s Nine Two Foundation, which plans to invest in the football teams, the training facility, the stadium and wider infrastructure, the fan experience, and the communities the Club serves, will make the bid fully debt-free. The winning offer envisions Manchester United Football Club becoming known for its superior footballing abilities and being considered as the best football club in the world.
When it is appropriate, if and when the bid process progresses, further information about the bid will be made public.
The son of a former Qatari prime minister, Sheikh Jassim serves as chairman of the Qatari bank QIB.
The Raine Group, a potential buyer of the club, had requested that any opening offers be submitted by Friday, February 17, 10 p.m. UK time.
The Glazers are reportedly seeking roughly £5 billion for a complete sale, though it is unknown how much the Qatari group offered for the club.
Sheikh Jassim released a statement on Friday night. He promised to “return the club to its former glories” – acknowledging their 10-year wait for a Premier League title – and wipe off the debts accrued by the Glazers.
Sheikh Jassim’s statement read: “Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club.
“The offer seeks to put the supporters back in the center of Manchester United Football Club in order to bring the team back to its former heights on and off the field.
“Through Sheikh Jassim’s Nine Two Foundation, which aims to invest in the football teams, the training facility, the stadium, and other infrastructure, as well as the fan experience and the communities the club supports, the bid will be fully debt-free.
“The winning proposal envisions Manchester United Football Club becoming known for its superior footballing abilities and being considered as the best football club in the world. If and when the bid process progresses, more information about the bid will be made available when appropriate.”
Who is Sheikh Jassim Bin Hamad Al Thani?
Sheikh Jassim, a financier from Qatar who was born in 1982, has been a longtime United supporter.
Between 2007 through 2013, Hamad bin Jassim bin Jaber Al Thani, his father, led Qatar as prime minister. Since the politician also oversees Paris Saint-Germain, there can be a conflict of interest between United and the French powerhouse.
It is significant to note that Lausanne and Nice are both owned by Ratcliffe’s INEOS corporation. Whether he would have to sell those assets in order to purchase United is unknown. Although it is prevalent, UEFA sees multi-club ownership as a “threat” to European championships.
Sheikh Jassim was educated at the Royal Military Academy in Sandhurst, UK. He graduated as an officer cadet and eventually became the chairman of the Qatar Islamic Bank (QIB) – one of the leading banks in the country.
The latter position is still held by Sheikh Jassim, who was once on the board of Credit Suisse. Although the QIB is among Qatar’s top 30 most valuable corporations according to Forbes Middle East, it is unknown what his net worth is.
When Will The Takeover of Man Utd be Complete?
Despite the fact that Sheikh Jassim is the only one to formally declare a proposal, it is assumed that Ratcliffe has made a submission after lately expressing interest. There’s also a chance that further offers have been made covertly.
Saudi Arabia and the United States both expressed interest, and United supporters shouldn’t be surprised if another bidder steps forward in the coming days.
The Raine Group, an American corporation, is in charge of the sale and will examine each offer to make sure it is backed by good financial grounds. Sheikh Jassim’s offer is thought to not rely on borrowed funds, and Ratcliffe may be pursuing a consortium.