Sheikh Jassim bin Hamad Al Thani has submitted a final bid of around £5 billion ($6.3 billion) for Manchester United, one of the world’s most iconic football teams, according to people familiar with the situation.
(Bloomberg) — Sheikh Jassim bin Hamad Al Thani has submitted a final bid of around £5 billion ($6.3 billion) for Manchester United, one of the world’s most iconic football teams, according to people familiar with the situation.
British billionaire Jim Ratcliffe, the main rival to Sheikh Jassim’s Qatari group, also lodged a final bid for control of the club by Friday’s deadline, said the people, who asked not to be identified because the information wasn’t public yet.
Sheikh Jassim’s bid consists of the £5 billion sum that will go to the sellers if successful, plus additional amounts for club facilities and other investments, one of the people said.
A transaction at that price would rank as the largest-ever deal involving a sports franchise, surpassing the $4.65 billion paid last year by a group led by Walmart Inc. heir Rob Walton for the National Football League’s Denver Broncos. It would also top the pending $6 billion sale of the NFL’s Washington Commanders to a group led by Apollo Global Management Inc. co-founder Josh Harris.
Read More: Josh Harris Said to Strike $6 Billion Deal for NFL’s Commanders
The third-round bids by the two rivals were due in at 10 p.m. Friday in London time. Both parties declined to comment.
The Glazer family, which currently owns Manchester United, hired investment bank Raine Group to drum up interest for the once dominant English Premier League team. The club has floundered in recent years and been overshadowed by its crosstown rival, Manchester City.
Raine was also in charge of the sale of Chelsea FC last year. While Chelsea saw a fierce fight among bidders, Sheikh Jassim and Ratcliffe have been the only two parties to publicly declare an interest in buying Manchester United, after rising interest rates combined with what many saw as an excessive valuation put many bidders off.
Carlyle Group Inc., Ares Management Corp. and Elliott Investment Management, have made separate bids for financing and minority stakes in Manchester United.
(Updates with pending Washington Commanders sale in fourth paragraph.)
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