A Qatari bid for Manchester United FC imminent, says reports
After buying French football team Paris Saint-Germain, Qatari investors may be setting their sights a lot higher, aiming to bag one of English Premier League’s crown jewels — Manchester United FC.
Bloomberg, citing sources ‘familiar with the deal,’ said Qatari investors were preparing to make a bid to buy United ‘in the coming days.’
Qatari investors are set to make an offer for Manchester United in the coming days, a move that would cement the country's desire to become a major player in global sports https://t.co/YUTVk8thBS
— Bloomberg (@business) February 13, 2023
The report further added that the consortium will submit an initial bid for the club by the end of the week, with officials from the Qatar Investment Authority helping with preparations for the bid.
Earlier this month, the Daily Mail newspaper had reported that Qatari investors were planning to make a ‘huge bid’ to buy United. The report stated the interested investors are separate from Qatar Sports Investments (QSI), which owns PSG, and that the money will come from an ‘individual fund’ rather than a sovereign wealth fund.
EXCLUSIVE: Qatar-based investment group to bid for Manchester United. Would arm Erik ten Hag with huge transfer kitty aimed at taking club to the top of world football. Excited by the project & confident their bid will be the strongest. Full story: https://t.co/6anXwNBFEm #mufc
— Mike Keegan (@MikeKeegan_DM) February 7, 2023
The report, citing unnamed sources, described the investors as ‘a group of private, high-wealth individuals’ from Qatar, which hosted the 2022 World Cup.
It had been reported that QSI was considering either a total takeover or a stake in Manchester United or their rivals Liverpool.
But it could have caused a problem as European football governing body UEFA has strict integrity rules regarding multi-club ownership. No club participating in its competitions is allowed to ‘directly or indirectly hold or deal in the securities or shares of any other club.’
Jim Ratcliffe’s company INEOS formally entered the bidding process last month after the club’s US owners — the Glazer family — said in November they were looking at options including new investment or a potential sale.
United fans have been clamouring for a change of ownership and the Glazers have been the target of intense criticism as the team last won silverware back in 2017, lifting the Europa League and League Cup trophies.
United’s net debt had grown to $620.42 million by September.
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