In the ongoing saga surrounding the potential Manchester United sale, Sheikh Jassim bin Hamad al-Thani of Qatar has presented an enhanced offer of $6.9B to acquire the English Premier League football club.
The fourth bid, submitted by Sheikh Jassim and his Qatari group, comes after discussions with the Raine Group and is intended to secure 100 percent ownership of the club. This surprise move comes after Sheikh Jassim and rival bidder Sir Jim Ratcliffe, owner of UK chemicals company INEOS, were believed to have submitted their third and final offers for the acquisition of the 2010 Premier League champions, according to Arabian Business.
While initial reports in the UK media favored Ratcliffe as the preferred bidder, as his offer involved acquiring approximately 50 percent ownership while leaving the Glazer family in control, the latest Qatar bid has come as a last-minute surprise. In addition to the financial aspects, the revised offer from Qatar reportedly includes funds to alleviate approximately $1.2B in debt and invest in the development of the club and its surrounding community.
The outcome of the bid and whether it will grant Qatar full control of Manchester United is uncertain at this stage. Qatar’s enhanced offer, amounting to $6.9B, surpasses the previous record of $6B paid for the NFL team, the Washington Commanders, making it the highest bid ever for a sports team. However, it falls short of the Glazer family’s desired price of $7.5B as the current owners of Manchester United.
The Glazer family has not imposed a deadline for the potential sale of the club, which has been on the market since November of the previous year. The situation continues to unfold with no definitive timeline in place.
A statement from Manchester United at the time said: “Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors (the “Board”) is commencing a process to explore strategic alternatives for the club”.
“The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially.”
“As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.”
“This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders”.
The potential sale to Qatar has been eagerly anticipated by many Manchester United fans, as the bid reportedly includes a commitment to significant investments in the team’s squad and the development of club infrastructure. This encompasses upgrades to the iconic Old Trafford Stadium and its surrounding area.
