Sheikh Jassim Bin Hamad Al Thani, the chairman of one of Qatar banks QIB, has made a ‘substantial’ bid for Manchester United.
The bid will carry no debt, and they say all profit will be reinvested into the community through the Nine Two Foundation.
The Raine Group, who are organising the potential sale on behalf of the Glazer family, asked for initial bids to be made by 10pm UK time on Friday.
A statement said: “Sheikh Jassim Bin Hamad Al Thani today [Friday February 17] confirmed his submission of a bid for 100 per cent of Manchester United Football Club.
Sheikh Jassim Bin Hamad J.J. Al Thani has bid for Manchester United
“The bid plans to return the club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more.
“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.
“The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world.
“More details of the bid will be released, when appropriate, if and when the bid process develops.”
Analysis: What are Sheikh Jassim Bin Hamad Al Thani’s plans for Man Utd?
Sky Sports News’ Kaveh Solhekol:
“He is the chairman of one of the biggest banks in Qatar. QIB bank. He was also on the board of Credit Suisse, a big Swiss bank. I’m being told he’s a lifelong Manchester United supporter and that the club will be owned – if he wins the right to buy Man Utd – through a foundation called the Nine Two Foundation, named after the Class of 92.
“His vision for the club, I’m being told, is an emphasis on youth and also on putting money and investment into both the men’s team and women’s team. He wants to redevelop Old Trafford. There will be a new stadium, a redevelopment of the whole area around Old Trafford, and crucially – and this is very important for Manchester United fans – this deal, if he buys the club, will be totally debt free.
“You have to ask a lot of questions. Why does somebody want to buy Manchester United? What’s in it for them? Are they really a Manchester United supporter? Do they want to make money out of it? Do they want to boost their profile? Do they want to boost the profile of Qatar?
“This evening, everything I’m being told is positive news for Manchester United supporters. I’m not saying you should go out and dance on the streets and celebrate because the Qataris are coming. You have to ask more questions.
“I’m also being told any profits that are made from him owning Manchester United he will put back into the club and the Nine Two Foundation. He doesn’t want to make any money out of this at all. He’s not doing it to make money, he’s doing it because he’s a Manchester United supporter.”
How much is the bid?
Sky Sports News’ Kaveh Solhekol:
“Since the Glazers said in November they were effectively putting the club up for sale, the Manchester United share price has doubled. It’s now around $26 today, which means, according to the New York Stock Exchange, Manchester United is worth £3.6bn. The value of the club has effectively doubled. Manchester United is worth more than it has ever been worth before.
“How much is this bid from Qatar? I’m being told that is confidential information. But we should be looking at a figure of what Manchester United is worth according to the New York Stock Exchange. I was told the Qataris wouldn’t overpay for United. My best estimate would be somewhere between £3.5bn and £4.5bn.”
Will this cause an issue with Qatari ownership of Paris St-Germain?
Sky Sports News’ Kaveh Solhekol:
“This is not Qatar buying Manchester United. Qatar Sports Investments own PSG. Will they be allowed to own another football club? I’m being told this has got nothing to do with QSI. This is a private deal. This is somebody who has a lot of money and wants to buy Manchester United.”
How good a deal would this be for the Glazers?
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Kaveh Solhekol explains just how much the Glazer family could make through the sale of Manchester United.
Sky Sports News’ Kaveh Solhekol:
“Whatever you think about the Glazers, if they manage to sell Manchester United for anything like £4bn or £5bn they will have pulled off an incredible investment. They bought Manchester United 17 years ago in a leveraged buyout and I think they only put in £150m-£200m of their own money. They bought United in a deal worth £790m.
“That investment, they could potentially turn into £4bn, £5bn. A lot of that will be tax-free because they moved Manchester United’s registered office from Old Trafford to the Cayman Islands.”
