The son of the former Prime Minister of Qatar becomes the second formally recognised bidder for the takeover of the club.
In a statement released earlier today, Al Thani confirmed that he has submitted a formal offer for the acquisition of Manchester United. The release stated:
“Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 percent of Manchester United Football Club.
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.”
Plenty of chances but no finished product
The Indicative bid will be debt-free
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. Also the fan experience and the communities the club supports. According to reports, Qatar Islamic Bank assets last FY: were £42 Billion income of £2 Billion.
The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence. For being 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.”
Bankers Raine Group, who handled the sale of Chelsea Football Club. Have also been hired by the Glazer Family to handle the sale process. The current owners have been informed of Sheikh Jassim’s bid. Firstly, The Qatari royal becomes the second known person to have submitted a bid for the club. Secondly, This comes only a day after British billionaire and Ineos Chairman Sir Jim Ratcliffe became the first potential buyer to confirm his interest in acquiring the iconic club. Radcliffe’s camp mentioned they had “formally put ourselves in the process.”
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About Sheikh Jassim Bin Hamad Al Thani
Sheikh Jassim Bin Hamad Al Thani is currently the chairman of the Qatar Islamic Bank. Besides being a lifelong Manchester United fan. Also, he completed his formal education at the prestigious Royal Military Academy, Sandhurst in the UK. He’s also a former board member of the Credit Suisse Group.
Finally, Manchester United fans around the globe will feel encouraged as the intended bid will carry no debt and all profits are intended to be reinvested into the community through his non-profit, the Nine Two Foundation.
Also, according to L’Equipe, the bid offered is just under £4 billion, a valuation which is well below the expectations of the Glazer family, who value United at around £6-£7 billion. It remains to be seen, however, whether his offer will be accepted by the club or encourages a bidding contest among rival bidders.
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