April 30 (Arabian News) – Qatar’s Sheikh Jassim has bid a world-record $6.2bn to take full control of English Premier League side Man Utd, according to media reports in the UK.
The sum, which would represent a record amount for a sports club, was submitted ahead of Friday’s deadline for bids from parties interested in buying the football club.
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Rival bidder, Sir Jim Ratcliffe, owner UK chemicals company INEOS, also submitted a revised offer to invest in the club.
Qatar Man Utd bid
While the Qatar bid would eclipse the $6b paid for NFL side the Washington Commanders it still falls short of the $7.5bn asked for by current owners the Glazer family.
The Qatar bid is an attempt to take full control of the club with a 100 per cent purchase agreement. Ratcliffe, on the other hand, is only looking to take just over 50 per cent of the club, leaving some share of the club with the Glazer family.
It is the latest twist in an ongoing saga that has been running since the club was placed on the market last November.
A statement from Manchester United at the time said: “Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors (the “Board”) is commencing a process to explore strategic alternatives for the club.
“The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
“As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.
“This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders”
Many Man Utd fans have been eagerly awaiting the potential sale to Qatar, with the bid said to include a promise to invest heavily in the squad as well as developing infrastructure around the club, including upgrades to the iconic Old Trafford Stadium and the surrounding area.
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