Sheikh Jassim bin Hamad Al Thani becomes the second bidder to publicly confirm their interest in a Manchester United takeover
A second party has now declared an interest in a Manchester United takeover (Image: Joe Prior/Visionhaus via Getty Images)
Sheikh Jassim bin Hamad Al Thani, the chairman of one of Qatar’s biggest banks – Qatar Islamic Bank, has confirmed he has submitted a bid to takeover Manchester United. Potential buyers were asked to table their proposals by 10pm on Friday for the club’s soft deadline.
A statement confirming the bid from Al Thani said: “Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club.
“The bid plans to return the Club to its former glories both on and off the pitch, and — above all — will seek to place the fans at the heart of Manchester United Football Club once more.
“The bid 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 vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops.”
Al Thani – a lifelong United fan and the son of former Qatari prime minister Hamad bin Jassim Al Thani, also known as HBJ – becomes the second party to formally declare interest in purchasing United following Sir Jim Ratcliffe’s January confirmation. The club was put up for sale in November with the board stating it was to “explore strategic alternatives”.
The M.E.N. understands that current bids are only indicative and once bidders reach the next stage of the process they will enter a ‘data room’ where potential purchasers will be able to see the relevant financial information. This is the point where everyone will have to submit their bids, once they understand the value of assets and debts etc.
A wholesale sale is one of the options – and the most likely outcome – although Avram and Joel Glazer have also considered buying out the shares of their other four siblings.
Sources close to the Al Thani bid said if successful, they will prioritise long-term and sustainable investment in all the club’s men’s and women’s teams, with a particular focus on youth development.
They have vowed to significantly upgrade the club’s infrastructure – including the stadium and training facilities – and create meaningful long-term benefits for the wider Manchester community.
US bankers The Raine Group have been drafted in to help with the process having played an integral role in Chelsea’s sale to American businessman Todd Boehly last year.
The Qatar Investment Authority (QIA) has also been linked with a United takeover interest. The firm is state-backed, albeit is a separate entity to Qatar Sports Investments (QSI), which owns Paris Saint-Germain and is a subsidiary to the QIA.
PSG and QSI chairman Nasser Al Khelaifi, however, does sit on the QIA board. He is also chair of the European Club Association.
Uefa rules state that clubs which have the same owner cannot enter the same continental competitions. It’s unclear whether it would deem United as having the same owner as PSG should a QIA takeover occur.
Meanwhile, Sir Jim Ratcliffe’s company Ineos already owns French club OGC Nice and also lists second-tier Swiss side Lausanne FC in its sports portfolio. A report from Uefa last week stated multi-club ownership is “a material threat to the integrity of European club competitions”.
In November, Saudi Arabia sports minister Prince Abdulaziz bin Turki Al-Faisal said he would support any private sector bids from the country in either a United or Liverpool takeover. This is thought to be relationally, not financially, with English football regulations not allowing multi-club ownership – Saudi Arabia’s sovereign wealth fund already owns a controlling stake in Newcastle United.
Interest from Middle Eastern nations has been met with criticism by some activist groups over human rights concerns. FairSquare have sent a letter to Uefa president Aleksander Ceferin urging him to block a Qatari takeover of United while earlier this month Amnesty International said a bid from the nation would be a ‘sports-washing exercise’.
source: www.manchestereveningnews.co.uk
