Qatar sheikh bids for Man Utd

GBNEWS24DESK//

A consortium led by Qatari banker Sheikh Jassim Bin Hamad Al Thani announced Friday that it had submitted an offer to take full control of Manchester United, with British billionaire Jim Ratcliffe also reported to have lodged a widely anticipated bid.

“Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 percent of Manchester United Football Club,” his press release said ahead of the Friday ‘soft’ deadline for bidders.

Ratcliffe’s Ineos company is the only other bidder to have officially declared an interest

The Daily Telegraph reported late Friday he had told the American merchant bank Raine Group conducting the sale he can be the “long-term custodian for the club”.

A BBC report said that Ratcliffe had submitted a bid before the 2200GMT deadline.

A bid from Saudi Arabia had also been expected.

The statement from Sheikh Jassim, chairman of Qatar Islamic Bank (QIB), did not give any details on the amount proposed in the bid for United.

However, the price could reach a record $6 billion, according to reports.

That would be in contrast to the controversial 2005 leveraged takeover by the US-based Glazer family, the club’s current owners.

United currently have debts running at more than $620 million.

The bid announced Friday 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 Glazers announced in November they were open to a sale or investment of the record 20-time English champions, prompting talk of a bidding war between Qatari and Saudi Arabian interests.

But with United’s shares traded on the New York Stock Exchange (NYSE), brokers acting for the club will be obliged to consider offers even after Friday’s ‘soft’ deadline expires.

United shares rose by close to two percent in after-hours trading following the Qatari bid announcement. They had closed down 1.9 percent on Friday on the NYSE.

Both Ratcliffe and 41-year-old Sheikh Jassim, educated at Britain’s elite Royal Military Academy at Sandhurst, claim to be boyhood United fans.

A source close to his chemicals company Ineos told the Telegraph that locally born Ratcliffe wants “to put the Manchester back into Manchester United”.