A member of the Qatari royal family has submitted an offer to acquire Manchester United Plc, formally starting the bidding process for the English football giant.
(Bloomberg) — A member of the Qatari royal family has submitted an offer to acquire Manchester United Plc, formally starting the bidding process for the English football giant.
Jassim bin Hamad bin Jaber Al Thani, the chairman of Qatar Islamic Bank and son of the country’s former prime minister, confirmed his bid to acquire the English Premier League club in an emailed statement Friday. The Qataris’ opening offer could value Manchester United, currently owned by the US Glazer family, at about £5 billion ($6 billion), Bloomberg News reported earlier.
“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,” Sheikh Jassim wrote in the statement.
The debt-free offer includes investment in the team, training center and stadium, and will be made via Sheikh Jassim’s Nine Two Foundation.
Initial bids for the club, which could represent the biggest takeover of a professional sports club on record, are due Friday. The Qatari offer is likely to face competition from British billionaire Jim Ratcliffe, a Manchester United fan who’s already lined up financing from banks including Goldman Sachs Group Inc.
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