LAST UPDATE | 17 Feb 2023
A QATARI CONSORTIUM led by Sheikh Jassim Bin Hamad Al Thani has submitted a bid to buy Manchester United.
The Qataris are the second group, after boyhood United fan Sir Jim Ratcliffe, to confirm a bid ahead of Friday’s soft deadline of 10pm.
A statement confirmed: “Sheikh Jassim Bin Hamad Al Thani today 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.”
The Glazer family completed their controversial leveraged takeover at Old Trafford in 2005, a structure that did not endear themselves to United fans.
But the Qatari statement continued: “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.
“More details of the bid will be released, when appropriate, if and when the bid process develops.”
Earlier, Saudi Arabia joined the race to buy United, according to a report in Britain’s Daily Telegraph, raising the stakes in what could be the most lucrative deal in sports history.
The American Glazer family, who completed their takeover of the 20-times English champions in 2005, announced in November that they were open to a sale or investment.
British billionaire Jim Ratcliffe’s Ineos company officially joined the race to buy the club last month — the only bidder to publicly declare an interest so far.
There have, however, been numerous suggestions of a possible Qatar bid, with The Guardian reporting the state’s ruler, Sheikh Tamim bin Hamad Al-Thani, was interested in buying United, just weeks after the energy-rich Gulf nation hosted the World Cup.
But with United’s shares traded on the New York Stock Exchange, brokers acting for the club will be obliged to consider offers even after Friday’s ‘soft’ deadline expires.
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.
Deeply unpopular with supporters since they saddled the club with huge debts in a €887 million (£790m) leveraged takeover in 2005, the Glazers further angered fans by backing the failed European Super League project in 2021.
United have partnered with Saudi Telecom, the country’s biggest telecommunications company, before.
The Telegraph reported sources close to the country’s €578 billion (£515bn) Public Investment Fund (PIF) had played down the likelihood of a state-backed bid to the regime given their existing involvement at rival Premier League club Newcastle United.
According to reports, the Glazers are seeking €6.7bn (£6bn) for the three-time European champions, which would smash the record fee for a football club set by Chelsea last year.
A consortium led by LA Dodgers co-owner Todd Boehly and private equity firm Clearlake Capital paid €2.8bn (£2.5bn) for the Blues with a further €1.96bn (£1.75bn) promised in further investment in infrastructure and players.
Any Saudi Arabian investment at United would prompt outrage from human rights groups who have spoken out against the Gulf state following the 2018 murder of journalist Jamal Khashoggi.
A Qatari takeover would be opposed on similar grounds, with Peter Frankental, Amnesty UK’s economic affairs director, saying it would represent “a continuation of this state-backed sportswashing project”.
A successful Qatari bid would raise sporting questions as well, given the emirate also controls one of the club’s European rivals, Paris Saint-Germain.
Manchester United LGBTQ+ supporters’ group the Rainbow Devils raised “deep concern” regarding some of the parties reportedly interested in buying the club.
“Rainbow Devils believe any bidder seeking to buy Manchester United must commit to making football a sport for everyone, including LGBTQ+ supporters, players and staff,” the group said in a Twitter post.
“We therefore have deep concern over some of the bids that are being made. We are watching the current process closely with this in mind.”
United have not won the Premier League since 2013 and have failed to win any silverware since 2017.
They are third in the Premier League this season after an improvement in form under manager Erik ten Hag, who took over before the start of the current campaign.
Meanwhile, David Harrison is joining Manchester United from Everton as director of football operations.
The Red Devils have made a number of appointments at Carrington recently, including Andy O’Boyle as deputy football director.
O’Boyle’s role sees him focused on football strategy and performance, with Harrison focusing on operational aspects at the club. Both report to football director John Murtough.
Harrison started his career in the Old Trafford ticket office before moving to Everton in 1995, going onto become club secretary in 2002 and director of football operations in 2018.
– © AFP 2023, additional reporting from Press Association
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Originally published at 13.22
