Sheikh Jassim bin Hamad Al Thani, the Chairman of Qatari Islamic bank has submitted a new bid worth around 5 billion pounds to buy Manchester United.
According to reports, Sheikh Jassim who is also the son of a former Qatar prime minister places his second round of offers on Saturday, 25th of March, 2023.
According to an insider close to the bid, the Qataris remain confident in completing the Red Devils takeover despite interest from Sir. Jim Ratcliffe and the Finland businessman Thomas Zilliacus.
The extended deadline for submission of offer letters is now on Wednesday, 29th of March, 2023, by 9 pm. as many as eight rumored investors are said to have participated in the initial round of bidding last month.
It is unknown how much was offered initially, although some suggest that the number was around £4.5bn.
Al-Thani, the chairman of one of Qatar’s largest banks, sent officials to meet with Manchester United’s existing owners at Old Trafford earlier this month to discuss the specifics of a second proposal.
The Glazer family, who bought the team in a highly leveraged transaction for £750 million in 2005, said last year that they were exploring “strategic alternatives,” one of which may be selling the team.
The Americans want somewhere about £6 billion to sell the club, which is seen as unreasonable considering the amount of money that would need to be invested in the club’s infrastructure.
Sheikh Jassim has dissociated himself and the Nine Two Foundation from the government of Qatar to avoid controversies in the negotiation stage.
Last week, his representative traveled to Old Trafford for negotiations.
Also, last week, Ratcliffe, who owns the French club Nice and made a failed offer to purchase Chelsea in 2022, paid a visit to Old Trafford.
The 70-year-old man is a lifelong United supporter, having been born in the Greater Manchester region.
With a fortune of £6 billion, he is among Britain’s wealthiest citizens.
Zilliacus announced he has put in a bid last week.
He wants to acquire United in a 50/50 partnership with its supporters, who would theoretically have a vote in club decisions, and he is the founder and chairman of investment firm Mobile FutureWorks.
Even if the American hedge firm Elliott Management has reportedly proposed to lend funding to either new bidders or the Glazers, until today very little was known about other possible buyers.
What’s next for Glazer’s family?
The Glazers and the company handling the sale of Manchester United, Raine Group, have received all of the bids and will now review them.
Whether there will be a single chosen bidder or other offers will be accepted will be made public next week.
What’s next for Manchester United?
The Red Devils will return to action in the English Premier League after the International break against Newcastle United on Sunday, 2nd of April, 2023.
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