Qataris expected to win bid for Manchester United

Shares in Manchester United jumped by 24 percent to just under US $25 today as media reports claim that the Qataris are positioned to win the bid for Manchester United Football Club. The Club has been up for sale by the Glazer family since November.

Qatar’s Sheikh Jassim and British billionaire Sir Jim Ratcliffe have been front runners in what has become one of the biggest takeover battles in professional football. According to Qatari newspaper Al-Watan “the success of Sheikh Jassim bin Hamad bin Jassim’s acquisition of Manchester United will be announced very soon”. This statement is viewed as reliable insider information because Al-Watan is owned by Sheikh Jassim’s father, former Prime Minister Sheikh Hamad bin Khalifa Al Thani.

Last bid exceeded US $6.3 billion

The final bid by Shiekh Jassim was reported by Bloomberg to exceed US $6.3 billion. This offer would mean that Qataris will buy Manchester United from its American owners outright giving Sheikh Jassim full and absolute ownership of the Club. The other interested party, Sir Jim Ratcliffe bid for a 60 percent stake in the club, offering the Glazier family retention of partial ownership.

Manchester United have not commented yet about the outcome.

Sheikh Jassim has promised to return Manchester United to its “former glory”. He has pledged to invest sustainably in the clubs players and its infrastructure. This will be done through an established vehicle called Nine Two Foundation. Sheikh Jassim’s bid is debt free and the club is expected to be valued at around US $4.5 billion. This is a private bid and it has been made very clear that the deal will have no connection to the state of Qatar.

Sheikh Jassim bin Hamad al-Thani

Jassim bin Hamad bin Khalifa Al Thani was born in Qatar in 1978.  He is the second son of former Qatar Prime Minister Sheikh Hamad bin Jassim al Thani also known as HBJ. According to Forbes, his father’s wealth is recorded at US $1.3 billion, however in Doha it is rumoured that he is much wealthier than this. Sheikh Jassim was educated in the UK. He attended the Royal Military Academy in Sandhurst and the International College of Sherborne School in Dorset. He is a distant cousin of the current Emir.

He joined Credit Suisse in 2010 when he was 28. At the time he represented the interests of Qatari investors in the Swiss bank. Qatari had invested billions in the Swiss bank.  His former colleagues describe him as a quiet and low-key individual, one who never spoke during meetings. He is respected as being a very astute businessman.

He managed Mirqab Capital’s portfolio of family investments and the roles he holds now include chair of QInvest and Qatar Islamic Bank of which he is a majority shareholder.

Sir Jim Ratcliffe

Sir James Arthur Ratcliffe is chairman and CEO of INEOS Chemicals Group which he established in 1998. He was born in Manchester and has been a fan of the club since his childhood. After working in the City and a few years heading Courtaulds plc, he started to build his own empire. His company is estimated to have a turnover of over US $70 billion.

Although he was named by The Sunday Times to be the richest person in the UK in 2018, he maintains a very low profile. His net worth is estimated at around US $30 billion which makes him one of the richest people globally. He resides in Monaco. His brother Bob Ratcliffe heads the football division at INEOS.

All stakeholders are currently waiting for the outcome to the bidding process.

 

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