Qatari banker Sheikh Jassim and billionaire Ratcliffe make offers to buy Man United

Qatari banker Sheikh Jassim and billionaire Ratcliffe make offers to buy Man United
February 17, 2023

Sheikh Jassim bin Hamad Al Thani, chairman of one in every of Qatar’s main banks and son of the nation’s former prime minister, has made a proposal to take 100% management of Manchester United.

Though it stays unclear how a lot the supply is formally price, an announcement from Sheikh Jassim’s representatives on Friday stated he shall be debt-free.

earlier on friday, Archana Narayanan from Bloomberg and Dinesh Nair You reported that the Qatar royal household had ready a £5 billion bid for United.

The Glazer household, who accomplished their takeover of United in 2005, are searching for round £6bn handy over stewardship of the membership.

Sheikh Jassim’s representatives stated in an announcement obtained: “The bid plans to revive the membership to its former glories on and off the sector, and above all – will search to put the followers on the coronary heart of Manchester United Soccer Membership as soon as once more.” by Rob Harris from Sky News.

“The supply shall be utterly debt-free by way of the second 9 Sheikh Jassim Basis, which can look to spend money on the soccer groups, coaching centre, stadium and wider infrastructure, fan expertise, and communities the membership helps.”

However the Qatari supply has competitors. Ineos, the petrochemicals producer owned by British billionaire Jim Ratcliffe, additionally registered a bid for the membership earlier than Glazer’s deadline of 10pm native time on Friday. stated a supply Harris that Ratcliffe would prioritize a “fashionable, progressive, fan-centred strategy to possession”.

A giant fan of United and one of many richest males in Britain, Ratcliffe had already introduced his intention to purchase the membership outright from the Glazers by way of INEOS, which additionally has stakes in Ligue 1 membership Good, Swiss group FC Lausanne-Sport and biking group Ineos. Grenadier.

the glass He said In November they are going to take into account “all strategic options”, together with promoting minority and majority stakes within the membership, and appoint business financial institution Raine Group, which brokered Todd Boehly’s £4.25bn buy from Chelsea final yr, to deal with bids. .

Sheikh Jassim and Ratcliffe had to supply proof of the funds, together with the overall quantity they deliberate to supply, earlier than the Friday deadline.

Sheikh Jassim, 41, is a member of Qatar’s royal household and a relative of the present emir, Sheikh Tamim bin Hamad Al Thani, who has been in energy since 2013.

The prince is not directly concerned with European powerhouse Paris Saint-Germain, which is owned by Qatar Sports activities Investments (QSI), a subsidiary of the nation’s sovereign wealth fund, the Qatar Funding Authority (QIA).

sources stated Miguel Delaney, The Independent Sheikh Jassim’s supply has nothing to do with QSI and is privately funded. Nonetheless, the Qatar Funding Authority owns stakes in each the Qatar Islamic Financial institution, which is headed by Sheikh Jassim, and the Qatar Funding Institute.

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