Sheikh Jassim, the chairman of Qatar Islamic Bank, has submitted a world-record bid in excess of £5bn to purchase Manchester United.
The offer was confirmed just before the 10 pm
deadline set by the incumbent Glazer family at the end of the third round of
bidding.
INEOS
owner Sir Jim Ratcliffe, another front-runner, also submitted his offer shortly
after.
If accepted, Sheikh Jassim's offer would make
Manchester United the most expensive sports team in history by at least £200m,
surpassing the ongoing deal to buy NFL side Washington Commanders for £4.8bn.
However, the offer still falls short of the Glazers' own valuation of the club
at around £6bn.
The Sheikh Jassim bid includes a guarantee of
a separate investment pot to strengthen the team, as well as developing the
infrastructure around the club, including both Old Trafford stadium and the
training ground, and the local area.
The Elliott investment fund's planned bid for
a minority stake in the club has yet to be confirmed, along with any other
outstanding offers made late in the day.
On the other hand, Ratcliffe's bid would buy
just over 50% of United's shares, leaving the Glazers with a minority
shareholding of around 20%, allowing them to retain a degree of influence over
matters at Old Trafford.
This would not be welcomed by many sections
of United's support, who have campaigned for the Glazers to quit the club since
their leveraged buyout in 2005 that plunged the club into huge debt.
The final round of bidding has moved the club
closer to ending the five-month saga since the Glazers first announced they
were considering selling United in November 2022.
Over the coming days, the Glazer family and
Raine Group, who helped to complete Chelsea's sale to American billionaire Todd
Boehly last year, are expected to consider the bids on the table and which, if
any, to accept. More clarity on the situation is expected next week.
Post a Comment