Qatari interest in buying Britain’s Manchester United Football Club confirmed

Qatari interest in buying Britain’s Manchester United Football Club confirmed

QLNews
By QLNews

Qatar’s Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, through the newly formed Nine Two Foundation, and Britain’s Sir Jim Ratcliffe’s Ineos group launched rival bids for English Premier League side Manchester United on Friday. 

Sheikh Jassim, who is the son of former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jaber Al Thani and the Chairman of the Qatar Islamic Bank, made a ‘substantial’ bid for the club, said reports.

The bid, which will carry no debt, says all profit made under his ownership would be reinvested into the community through the Nine Two Foundation.

Earlier, there were multiple reports indicating a consortium of Qatari bidders was interested in buying the club.

Reports indicate that Sheikh Jassim is willing to pay a world-record price for ownership of the storied club. The current world record is the £3.75 billion paid for the Denver Broncos NFL team.

The final figure paid by Sheikh Jassim will be determined only after he has been given access to the company account to take a detailed look.

Sheikh Jassim, who became a Manchester United fan as a 10-year-old in 1992, has said he will invest in both the men’s and women’s teams, as well as in the redevelopment of the stadium, training ground and the area around Old Trafford.

“Sheikh Jassim bin Hamad Al Thani today (Friday, February 17) 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,” said a statement from The Raine Group, who are organising the potential sale on behalf of the current owners, the Glazer family.

“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,” it continued.

“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,” the statement concluded.

Ratcliffe, considered Britain’s richest man, has also made a bid for the club through his company Ineos.

The Glazer family, who bought United in 2005, are considering selling it to ‘explore strategic alternatives.’

Last year Chelsea were sold for £4.25 billion to a consortium led by American investor Todd Boehly.

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