A consortium led by Sheikh Jassim Bin Hamad Al Thani, chairman of Qatar Islamic Bank (QIB), announced on Friday that it had submitted an offer to take over English Premier League club Manchester United.
The deadline for bids has been set at 9am AEDT today, while a host of other bids are expected – reportedly including investors from the United States and Saudi Arabia will also bid for the club, as well as Britain’s richest man Sir Jim Ratcliffe.
Current United owners the Glazer family are hoping to receive at least five billion pounds ($8.75bn AUD).
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“Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club,” his press release said.
“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.
“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.
“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.”
The statement did not give any details on the amount proposed in the bid for the club.
Sheikh Al Thani is a lifelong United fan and the son of a former Prime Minister of Qatar, while his plan to buy the club without any debt comes in stark contrast to the controversial Glazer family, who have kept the club under millions of dollars of debt since their takeover between 2003 and 2005. United currently has debts running at more than $620 million USD.
The Glazers had signalled they were open to both minority investment and a full takeover.
But the latter now appears to be their preferred option, with American merchant bank Raine brought in to assist United in assessing offers.
MORE TO COME
