After much commotion, a formal takeover offer for Manchester United has been made. The choice was revealed on Friday by Sheikh Jassim bin Hamad Al Thani, the head of one of Qatar’s largest banks and British billionaire Sir Jim Ratcliffe. In a statement, the former made the bold claim that a full takeover of the English team was imminent. “Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club,” read the statement released.
The bid was an effort to return the team to its “former glories” both on and off the field
The bid, Al Thani continued, was an effort to return the team to its “former glories” both on and off the field. The message went on to detail how he will transform one of the largest teams in the world’s football landscape: “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.”
Al Thani is rumoured to have supported United his entire life. Between 2007 to 2013, Hamad bin Jassim bin Jabar Al Thani was Qatar’s prime minister. Because Qatar owns Ligue 1 powerhouse Paris Saint-Germain, people in the football community are familiar with him. About Sir Jim Ratcliffe, the multimillionaire has previously acknowledged that they had discussed a succession plan with the United board. He submitted a formal proposal along with Al Thani just before the Friday deadline of 10 PM.
The Glazers family has owned Manchester United since 2005
The Glazers family has owned Manchester United since 2005, but the supporters have been adamant about getting rid of them, mostly because they haven’t done enough for the team. The American organisation gave in to criticism and announced in November of last year that they were interested in pursuing outside financing for the club. The Glazers estimate the club’s value at $7.2 billion, but according to ESPN, industry insiders think it should be closer to $5.4 billion.
It should be noted that United is not the only “Big-six” team that could be sold soon. There have also been rumours regarding the sale of United’s bitter rival Liverpool to companies based in Qatar. Tottenham Hotspurs can also be the target of a takeover bid from a different Gulf nation. (Ativan) Manchester City and Newcastle United are the two Premier League teams currently managed by local organisations.