Has Qatar’s Sheikh Jassim won the bid for Manchester United?

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Sheikh Jassim bin Hamad Al Thani of Qatar has reportedly won the bid for English Premier League football club Manchester United, according to a report in Qatari newspaper al-Watan.

Sheikh Jassim, chairman of the Qatar Islamic Bank reportedly submitted a fifth and final offer last week to buy one of the biggest names in English club football. Al-Watan’s Twitter account posted news of the acquisition on Monday night. It also said that an official announcement was imminent.

Sheikh Jassim has been embroiled in a bidding match with British billionaire Sir Jim Ratcliffe, according to The National. His final offer for the club stood at GBP5bn for 100 per cent of the club, reported Bloomberg.

Jim Ratcliffe, founder of chemicals producer INEOS had reportedly put in a bid for 60 per cent of the club’s shares.

The Glazer family, which currently owns the club at Old Trafford, originally valued the club at GBP6bn after it went on the market. The Glazers had bought the club for GBP790 million in 2005.

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.

Manchester United 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. The club holds the record for the most Premier League titles with 13 wins.

Manchester United’s shares jumped by 24 per cent in after hours trading on New York’s Stock Exchange on Monday night, another signal of an imminent confirmation of the Qatari win.

United’s share price, which was around $12 back in November when the Glazer family announced it was to be put up for sale, rose up to $25 on June 12 and closed at $20.