Sheikh Jassim to present latest bid for Manchester United
MANCHESTER, England (AP) — Sheikh Jassim bin Hamad Al Thani has stepped up his bid to buy Manchester United, as he plans to make a second bid for the famous soccer team.
The chairman of Qatar Islamic Bank has said he wants to bring the club back to the top of the game if he succeeds in buying out current owners the Glazer family.
Sheikh Jassim and British billionaire Jim Ratcliffe both made indicative offers last month.
Sheikh Jassim’s latest bid for an unconfirmed sum is being presented to US merchant bank Raine, which is handling the potential sale.
A person with knowledge of the process confirmed that Rain has been informed of Sheikh Jassim’s plans to submit a new bid. The person spoke on condition of anonymity because they are not authorized to comment publicly.
United are expected to become the most expensive sports team in history, with a price tag estimated to reach $6 billion.
Sheikh Jassim and Ratcliffe are the only contenders to have publicly announced their intention to buy the 20-time English league champions.
Sheikh Jassim, the son of a former Qatari prime minister, sent a delegation to Manchester last week to meet United executives ahead of his latest offer.
Ratcliffe, who owns petrochemical giant INEOS, also held meetings with United last week.
Sheikh Jassim is confident of his bid to buy 100 percent of the club and plans to invest in the stadium, training ground and playing squad.
Ratcliffe has spoken of his intention to take a “fan-centric” approach to ownership, noting that he is focused on winning the Champions League for the first time since 2008.
Last year, Raine sold Chelsea to Todd Boehly and Clearlake Capital for about $3 billion. The Denver Broncos were sold last year to Walmart heir Rob Walton and his daughter and son-in-law for a record $4.65 billion.
The Glazers announced in November that they were exploring “strategic options”. It is not certain that they will take full control of the club, which they have held since 2005, and a minority investment is also a possibility.