London: A consortium led by Sheikh Jassim Bin Hamad Al Thani, chairman of Qatar Islamic Bank (QIB), announced on Friday that it had submitted an offer to take over English Premier League club Manchester United. The American Glazer family, who completed their takeover of the 20-times English champions in 2005, announced in November that they were open to a sale or investment. British billionaire Jim Ratcliffe’s Ineos company officially joined the race to buy the club last month — the only bidder to publicly declare an interest so far.
“Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club,” his press release said.
The statement did not give any details on the amount proposed in the bid for the club but the price could reach a record 6 billion euros, according to reports.
“More details of the bid will be released, when appropriate, if and when the bid process develops,” said the statement which added that the bid “will be completely debt free” via Sheikh Jassim’s Nine Two Foundation.
In 2005, the Glazers acquired ManU through a heavily leveraged transaction for 790 million pounds ($951 million). In its fiscal year 2023, the club stated that it anticipated revenues of up to 610 million pounds ($734 million) and adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) of up to 140 million pounds ($168 million).
Meanwhile, Manchester United takeover possibilities are heating up as the Glazer family is looking for 7 billion pounds ($8.42 billion). A shortlist will be created by Raine Group, the investment bank overseeing the sale process, after potential purchasers submit a bid amount and evidence of finances. Here are the bidders who have officially made enquiries to take over Manchester United.
Sheikh Jassim Bin Hamad Al Thani
Qatar’s Sheikh Jassim Bin Hamad Al Thani has launched a bid to buy the Premier League club. Sheikh Jassim’s Nine Two Foundation, which plans to invest in the football teams, the training facility, the stadium, and additional infrastructure, will handle the debt-free financing of the bid.
Jim Ratcliffe
A lifelong Manchester United fan, Sir Jim Ratcliffe, has officially declared his intention to purchase Manchester United from the Glazer family. In 2020, it was estimated that Ratcliffe – one of the wealthiest persons in Britain – was worth $28.2 billion. Ratcliffe, however, wants to acquire ManU for under 5 billion pounds.
Saudi Arabia
According to Telegraph Sport, Saudi Arabia has entered the bidding for Manchester United as well as private organisations from all across Riyadh have formally inquired. Although it is unclear whether Saudi Arabia would actually table an offer, middlemen working on behalf of various Saudi groups have signed the necessary paperwork, the publication reported.
Elon Musk
Elon Musk, the CEO of Tesla and the owner of Twitter, joked on the social media site that he was buying ManU. But, the 51-year-old American does have the financial resources to make a bid, even though he is not currently viewed as a serious candidate.
