Sheikh Jassim bin Hamad al-Thani has made a significant surprise bid for ownership of Manchester United, creating a new twist in the ongoing saga of the club’s sale. The Raine Group, the investment firm handling the sale, is yet to determine its preferred offer, and British billionaire Sir Jim Ratcliffe has also expressed interest in acquiring the club.
Insiders familiar with the situation have revealed that Sheikh Jassim’s Qatari bid, which is being driven by the Nine Two Foundation established specifically for this purpose, is now more optimistic than ever about securing the deal before Sir Jim Ratcliffe.
Last week, Sheikh Jassim’s team submitted a fifth and final bid of nearly £6 billion. To further solidify their intentions, the Nine Two Foundation became a legally registered company in the United Kingdom on Thursday. The impatience of the Qatari bid team with the previous stalemate in negotiations seems to have prompted their latest offer, which has reportedly reinvigorated discussions with both Manchester United and the Raine Group.
Nevertheless, sources close to Manchester United have conveyed that negotiations with all interested parties are still ongoing. Sheikh Jassim’s offer is said to be under discussion for an exclusivity period, potentially giving his bid an edge over Sir Jim Ratcliffe’s INEOS firm, which is also in contention for club ownership. However, some insiders at Old Trafford suggest that granting an exclusivity period may not be necessary to select a favored bid or winner.
In an interview with the Wall Street Journal, Sir Jim Ratcliffe emphasized his refusal to overpay for Manchester United. He likened determining the club’s value to assessing the price of a painting or a house, emphasizing that it goes beyond mere construction or painting costs. Ratcliffe warned against paying exorbitant prices for assets, citing future regret as a consequence.
This latest development comes amidst an 18-year reign by the Glazer family, which began in May 2005 when Malcolm Glazer acquired a 28.7% stake in the club. Last November, the Glazers announced their intention to seek investment or an outright sale, marking a significant turning point in the club’s ownership.
Despite achieving considerable on-field success under the leadership of Sir Alex Ferguson, including five Premier League titles, three League Cups, and a Champions League victory between 2005 and 2013, fan dissatisfaction has marred the Glazers’ ownership. In the subsequent decade, Manchester United has secured four major titles and spent over £1 billion on player transfers. However, this lavish spending has obscured the underlying issue of increasing debt and financial strain on the club’s resources.
The battle for control of Manchester United continues to captivate the footballing world, with Sheikh Jassim bin Hamad al-Thani and Sir Jim Ratcliffe vying for the coveted ownership of one of the world’s most iconic football clubs. The final outcome remains uncertain, and negotiations are likely to remain a topic of keen interest for football fans and financial analysts alike.
