The head of one of Qatar’s largest banks, Sheikh Jassim bin Hamad Al Thani, has confirmed that his foundation will bid to purchase Manchester United.
Sir Jim Ratcliffe’s Ineos also formally submitted a bid before Friday’s “soft limit” of 22:00 GMT.
The billionaire Ratcliffe had previously expressed interest in purchasing United.
The Glazer family, who purchased United in 2005, is mulling a sale as they “explore strategic options.”
The Qatari consortium led by Sheikh Jassim stated, “The bid intends to restore the club to its previous glory.”
Sheikh Jassim’s Nine Two Foundation will invest in the football teams, the training center, the stadium and broader infrastructure, the fan experience, and the communities supported by the club.
“Manchester United’s vision is to be the world’s greatest football club, renowned for its footballing excellence.”
Ineos has not yet issued a statement, but it is believed that the plan will emphasize that Manchester-born Ratcliffe would be a “British steward for the club” and would seek to “put the Manchester back into Manchester United.”
The 70-year-old British billionaire Ratcliffe owns Nice and Lausanne in Ligue 1.
Ineos Britannia, led by Sir Ben Ainslie, seeks to win the 2024 America’s Cup for the UK.
In 2019, Ineos bought Team Sky, a British cycling club.
QIB chairman Sheikh Jassim, son of a former Qatari prime minister, is a longtime Manchester United fan.
His consortium did not specify the price at which they planned to acquire the team.
United Airlines may receive two US bids, and Saudi Arabia is interested.
Five parties may try to sell the 20-time English league champions, with others wanting a smaller share.
President of Paris Saint-Germain Nasser al-Khelaifi is expected to be a key figure in any Qatari ownership bid. Even though he may have no direct role with the club.
Qatar Sports Investment (QSI), led by Al-Khelaifi, investigated the possibility of acquiring a smaller stake in a Premier League team.
Due to Uefa regulations prohibiting multiple club ownership, any Qatari offer to purchase United in its entirety would have to come from private people or a different organization.
Concerns have been raised by human rights and LGBTQ+ organizations regarding the possibility of Qatari investment in a Premier League club and Qatar’s ownership of two major European teams.
In the Gulf state, discussions of dual ownership of football clubs and a possible conflict of interest between a Qatari purchase of Manchester United and their current ownership of PSG are met with confusion.
They believe that 50 percent of Premier League clubs are involved in dual ownership of some kind.
One illustration is Manchester City’s membership in the City Football Group. West Ham co-owner Daniel Kretinsky also runs Sparta Prague, which played in the Europa League last season.
They know Ratcliffe wants to buy United, and he won’t sell Nice. Which is four points away from European qualification.
Uefa has already authorized RB Leipzig and RB Salzburg to participate in the same European tournaments.
Given that PSG chairman Nasser al-Khelaifi is also the head of the European Clubs’ Association, which has been collaborating more closely with Uefa, it is reasonable to assume that any potential problem areas have been resolved.
However, sources say that this bid has nothing to do with the ownership of PSG. In addition, it is emphasized that the offer is indicative. According to sources, the information made accessible in United’s “data room” has been disappointing.
Now, the complete financial status of the Old Trafford club must be made accessible.
Sheikh Jassim is serious about removing the club from the Glazer family’s control for the first time since 2005, with plans also in place to invest in the greater Trafford region. This is viewed as the beginning of the process rather than the conclusion.
He is a United supporter who has attended events. He had the chance to participate in the bidding for Chelsea. Which sold last year for £4.25 billion, but he declined. This is a chance he could not pass up.
Worries regarding Qatar’s participation
Fair Square sent a letter to Uefa president Aleksander Ceferin on Thursday, with a copy to Premier League chief Richard Masters, “to highlight several issues of grave concern” in response to reports that “entities linked to the Qatari government are proposing a bid to acquire a controlling stake in Manchester United.”
The letter adds, “By Uefa’s rules intended to safeguard the integrity of its competitions, we urge Uefa to outline a clear public stance prohibiting any takeover of this type.
No consortium of Qatari investors able to complete such an acquisition could convincingly show their independence from the Qatari government.
Rainbow Devils, a Manchester United LGBTQ+ fan group, issued the following statement on Friday: “We believe that any bidder for Manchester United must commit to making football a sport for everyone, including LGBTQ+ fans, players, and staff.”
“Therefore, we have grave concerns regarding some of the current offers. In light of this, we are carefully observing the current process.”
The Saudi Arabian-backed £305 million takeover of Newcastle United in 2021, which was only completed after the Premier League obtained “legally binding assurances” that the Saudi state would not control the club, would serve as a precedent for the Premier League.
Uefa has declined to comment but has expressed worry over the “material threat” of multi-club ownership to club competitions.
Nonetheless, in 2017 Uefa permitted RB Salzburg and RB Leipzig to compete in the Champions League. Despite their strong ties to the energy drink manufacturer Red Bull.
What would the expense of United be?
Chelsea was sold for £4.25 billion to a consortium headed by the American investor Todd Boehly last year, and football finance expert Kieran Maguire thinks United would be worth in the vicinity of £5 billion.
“Since the Glazers made the statement, United’s share price has more than doubled in the past few months,” Maguire told.
“At present, the worth of the company’s shares is approximately £3.8 billion. When you add on the debts, we’re approaching £4.5 billion.” You must convince individuals to sell, so I believe the Glazers’ asking price will be between $7 and $8 billion. However, I believe the bids will likely be in the vicinity of five or slightly above five.
“Manchester United claims to have 1.1 billion fans around the globe. But if you calculate their revenues, you get 500 million, or 50 pence per fan per year.
You only need to double that; if you can make it £1 per fan per year, Manchester United will become a billion-pound-a-year business, assuming you keep expenses under control.
“By costs, we mean player salaries; then United’s company goes from roughly breaking even to generating spectacular profits and high returns for investors.”
