Manchester United: Sheikh Jassim reportedly submits fifth bid

Qatar’s Sheikh Jassim Bin Hamad Al Thani has reportedly submitted a fifth improved takeover bid for Manchester United.

The bidding process for the premier league club has been ongoing since February and sources told Bloomberg that Sheikh Jassim has made it clear that he will not make any further bids after Friday.

Sheikh Jassim is keen on a deal before the opening of the player transfer window in a matter of weeks, the source added. He reportedly believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly GBP1bn worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club’s Carrington training ground.

The offer remains for 100 per cent of the club and Sheikh Jassim’s main competitor for control of the premier league team is Sir Jim Ratcliffe, the founder, chairman and majority owner of Ineos Group who has bid on majority control of the shares.

In May, a fourth offer for Manchester United – believed to be close to $6.2bn (GBP5bn) but shy of the Glazer family’s GBP6bn valuation – was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club.

Manchester United announced in November 2022 that its board was exploring strategic alternatives to enhance the club’s growth, with a full sale one option being considered. There has been a growing frustration at how long the sale is taking, especially given the imminent opening of the transfer window.

The club finished third in the Premier League in the 2022/23 season and was defeated 2-1 by Manchester City in the Emirates FA Cup final.

Manchester United in focus

Meanwhile, Sheikh Jassim’s bid for Manchester United comes as GCC investors are significantly expanding their interest in football. GCC wealth funds or their subsidiaries now own five clubs, including Manchester City, whose owners have transformed into City Football Group.

Earlier in 2023, Manchester United, Liverpool FC or Tottenham Hotspur were said to be among England’s top Premier League clubs that were being targeted by Qatar Sports Investments.

Over the years, Qatar has been buying sports assets, including the Gulf country’s high-profile takeover of France’s Paris Saint-Germain, a stake in Portugal’s SC Braga and the development of sports-focused beIN Media Group.

Similarly, a consortium led by Saudi Arabia’s Public Investment Fund (PIF) completed its purchase of the premier league club Newcastle United. The kingdom is also investing locally following the launch of the sports clubs privatisation and investment project.

Under the new strategy, PIF said four clubs – Al Ittihad, Al Ahli, Al Nassr, and Al Hilal – have been transformed into companies, each of which is owned by the wealth fund and non-profit foundations.

Saudi Arabia’s Ministry of Sports said second division football club al-Suqoor will be turned into a company and owned by NEOM, energy giant Saudi Aramco will own Saudi First Division club Al-Qadsiah, Third Division side Alula FC will be owned by the Royal Commission for Al-Ula while First Division club al-Diraiyah FC will be controlled by Diriyah Gate Development Authority.

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