Qatari sheikh increases bid to buy Manchester United from the Glazers
His renewed offer – believed to be close to £5bn but shy of the Glazer family’s £6bn valuation – was submitted on Tuesday morning.
Wednesday 17 May 2023 05:17, UK
File photo dated 27-03-2023 of A general aerial view of Old Trafford stadium, home of Manchester United Football Club. Finnish businessman Thomas Zilliacus has reaffirmed that his second bid to buy Manchester United remains on the table. Zilliacus said earlier this month he would not be entering a third round of bidding for the Old Trafford outfit but that his second offer would still stand. Issue date: Tuesday April 25, 2023
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Sheikh Jassim Bin Hamad al Thani has submitted an increased fourth bid to buy Manchester United.
His renewed offer – believed to be close to £5bn but shy of the Glazer family’s £6bn valuation – was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club, on Tuesday morning.
The third and final round of bidding concluded on April 28 but, with reports last week claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has moved again.
Sheikh Jassim believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly £1bn worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club’s Carrington training ground.
INEOS values United at a higher price than Sheikh Jassim’s bid – but it is not for the whole club and would give the Glazers the opportunity to keep a 20% stake.
United’s share price closed down to $18.80 on the NYSE on Tuesday, giving the club a market cap of $3.09bn (£2.47bn).
ANALYSIS: AN UNDIGNIFIED SALES PROCESS
By Kaveh Solhekol, Sky Sports News chief reporter
This shows the determination of Sheikh Jassim’s Qatari bid and just how serious they are when it comes to buying Manchester United. It’s very difficult to say which bid is favourite to succeed because the decision ultimately lies with the Glazers.
What they have to decide is whether they take all of the money now from Sheikh Jassim or do they want some of the money from Sir Jim Ratcliffe while keeping a stake which would give them more money in the future.
Are they going to consider what is best for Manchester United or are they just thinking about their own interests? They have to think about what is good for the club because this process has been totally undignified.
It is unbecoming for a club as big as Manchester United to be treated the way it has. This has been hanging over everyone – the manager, his coaching team, the players – for six months.
Why has this taken so long when it’s been obvious from day one that only two parties were interested in buying the club – Sheikh Jassim and the Qataris, and Sir Jim Ratcliffe?
The Glazers have to make up their minds very quickly and realise it’s not just about what’s best for them, it’s about what is best for Manchester United. It is now or never.
