At the last minute of the first phase of the auction, a new bid has surfaced with a potential millionaire to take over Manchester United. Qatar’s Sheikh Jassim bin Hamad al Thani, the Gulf state’s crown prince and president of QIB bank, has offered the Glazier family, who own the club, “a substantial sum” which will be publicly announced if the operation is successful. So far the only offer has been that of British billionaire Jim Ratcliffe and INEOS Group, also made official tonight. Jassim bin Hamad promises to buy the “debt-free” sports company and invest all proceeds and benefits through his Nine Two Foundation “into the teams, the training centre, the stadium and the development of its infrastructure, as well as in the communities and fans who support the club support,” reads the press release released by the Sheikh’s team.
Although United fans eyed Ratcliffe’s bet with sympathy, the polls over the last few years about the source of the money feeding the Premier League have sparked the idea of another white knight to flood the club with cash and good signings said to be well received according to the Express poll conducted by The Athletic.
There will be a second phase in which the experts predict at least a few more offers from the USA and even some from Saudi Arabia, so that there could be five applicants in the final for the traditional club.
“The offer is intended to bring the club back to its former glory on and off the pitch and, above all, to put the fans back at the heart of Manchester United,” said the Qatari sheikh of being an unconditional fan of the team throughout his life. He is not only President of Qatari Bank, but also on the Board of Directors of Credit Suisse. His willingness to buy the team with no apparent intention of making money from it confirms once again the prestige and glamor that many millionaires – individuals or countries – believe in acquiring a Premier League club rather than a skyscraper in Manhattan or a technology company in California.
United shares have doubled in value as much as $26 in the past few weeks. With this price, United’s market value is estimated at just over 4,000 million euros. The Glazier family took over the company 17 years ago for around 890 million euros at the current exchange rate, but almost 700 million of those millions were loans which they later had to repay from the exploitation and assets of the club, which was still indebted to around 560 million euros.
The Sheikh’s offer includes investing funds in both the men’s and women’s teams, as well as refurbishing and expanding Old Trafford Stadium and the surrounding area. All proceeds will be reinvested through the foundation, the sheik has promised. “The vision embodied in this offer is that Manchester United will be known for the excellence of their football and be recognized as the best team in the world,” promised Jassim bin Hamad.
The ownership of United by a Qatari billionaire would not conflict with the ownership of the state of Paris Saint-Germain. The French club is owned by Qatar Sports Investment, part of the country’s sovereign wealth fund. They assured various British media outlets close to the sheikh that the possible purchase of United was the private investment of a billionaire who was also a football fan and a staunch supporter of a historic English team. The possibility of a Qatari investment with a British team has once again set off alarm bells from human rights organizations and LGTBIQ groups, who have already made their voices heard after the decision that the last World Cup will be held in that country.
United are enjoying a sweet moment in the ongoing season of English competition. With 46 points, they occupy third place behind Manchester City and Arsenal with 51 points.
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