Qatari banker submits new offer to buy Man United after bids extension

By Al Mayadeen English
Source: Agencies
25 Mar 2023 23:10

Qatari Sheikh Jassim Bin Hamad is bidding for 100% of control over Manchester United with the aim to return it to its "former glory".

General view of the Manchester United crest on a corner flag before a match, Old Trafford, Britain, Dec. 12, 2020 (Reuters)

British media reported on Saturday that Qatari Sheikh Jassim Bin Hamad submitted a second bid to buy English football giants Manchester United.

The Press Association and the Guardian, and other news outlets announced that the chairman of the Qatar Islamic Bank submitted a new bid just two days after an extension was granted.

British billionaire Jim Ratcliffe, the founder of chemicals giant INEOS, also made a revised bid on Thursday as a new contender, Finnish entrepreneur Thomas Zilliacus, entered the race to own Machester United.

Originally, bidders for the club had until 2100 GMT on Wednesday to submit offers, however, the deadline was extended upon request of the bidders who did not match the asking price of six billion pounds.

The initial bids were understood to be in the region of almost 4.5 billion pounds.

That would make Manchester United the most expensive sports club in history despite the fact that they haven't won the Premier League in 10 years.

Sheikh Jassim and Ratcliffe remain the main contenders to buy the Glazer family-owned English club.

When Zilliacus entered the race on Thursday, he said that he would give the fans the chance to own 50% of the club.

"My bid is built on equality with the fans," Zilliacus, the founder and chairman of investment company Mobile FutureWorks, said in a statement.

Since the Glazers took over the club, many United supporters were angered since the family saddled the club with huge debts.

US hedge fund Elliott Investment Management, which sold AC Milan for $1.3 billion last year, has also made a bid for a minority stake, The Times reported.

Return Manchester United to its 'former glory'

Sheikh Jassim is bidding for 100% of control over the club, with the aim to return it to its "former glory".

He is confident that his bid is "the best for the club, fans and local community," as cited by a close source to the Sheikh.

Ratcliffe, on the other hand, who also owns the French football club Nice, wants to hold 69% of the club. He refers to his interest in buying the club as "purely in winning things," as the club would be a "community asset".

The sporting profile of Qatar would be boosted if a Qatari were to purchase Manchester United, especially after the country hosted the 2022 FIFA World Cup.

But concerns arise regarding the potential growth of state influence in the Premier league considering that Sheikh Jassim is the son of a former Qatari Prime Minister.