Sheikh Jassim bin Hamad bin Jaber Al Thani, the chairman of Qatar Islamic Bank and son of Qatar’s former prime minister, has confirmed his bid to acquire Manchester United Plc, starting the bidding process for the English football club.
The Qatari royal family member’s initial offer is rumoured to be around £5 billion ($6 billion), according to Bloomberg News. Sheikh Jassim’s Nine Two Foundation will make a debt-free offer, which includes investment in the team, training center, and stadium. The bid aims to restore Manchester United’s former glory both on and off the pitch and prioritize the fans’ interests.
A son of Qatar’s former prime minister, Sheikh Hamad bin Jassim bin Jaber Al Thani, one of the Gulf state’s richest men, has submitted an offer for #ManchesterUnited Sir Jim Ratcliffe, founder of UK chemicals group Ineos, has also made an offer https://t.co/6f4kOWEQr3 via @FT https://t.co/nV0I1oYpvf pic.twitter.com/empoPaEnU3
— Share_Talk ™ (@Share_Talk) February 18, 2023
The Qatari offer will face competition from British billionaire Jim Ratcliffe, who is also a Manchester United fan and has already secured financing from banks, including Goldman Sachs. Sheikh Jassim’s group includes his father, Hamad bin Jassim bin Jaber Al Thani, who was the head of the Qatar Investment Authority and former prime minister. Sheikh Jassim, a lifelong Manchester United fan who was educated in the UK, previously served as a Credit Suisse Group AG board member.
If successful, the acquisition of Manchester United could be the largest takeover of a professional sports club on record, surpassing the $4.65 billion paid last year by a group led by Walmart Inc. heir Rob Walton for the Denver Broncos NFL team.
Manchester United is among several UK and European football clubs attracting interest from foreign investors, including Chelsea Football Club, AC Milan, Atletico Madrid, Crystal Palace, and Genoa CFC, which all have private equity owners, including from the US.
Qatar Sports Investments, which owns Paris Saint-Germain, is also considering acquiring Tottenham Hotspur and Liverpool FC, according to Bloomberg News. If successful, Sheikh Jassim’s group will need to persuade UEFA of its independence from Qatar Sports Investments for both PSG and Manchester United to play in the same European competition.
Most of the Premier League’s clubs are now owned by foreign investors, including Newcastle United FC, which was bought by Saudi Arabia’s sovereign wealth fund in 2021. Manchester United, which has won a record 13 Premier League titles, has been able to attract the game’s biggest stars and is enjoying a revival in playing fortunes under new coach Erik ten Hag, despite being surpassed by Manchester City FC in recent years.
