The battle to acquire Manchester United has intensified as Qatari banker Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe gear up to raise their bids for the 20-time English champions.
The initial submission deadline of 2100 GMT was extended by merchant bank Raine, which is assisting with the sale of the club, following confusion over the timing.
Sheikh Jassim and Ratcliffe are expected to increase their initial offers, with the new deadline for offers yet to be confirmed.
United’s owners, the Glazer family, have reportedly set a world record valuation of £6 billion ($7.3 billion) for the club. Sheikh Jassim’s bid, which aims to wipe out United’s $620 million debt and invest in a new stadium and training ground, promises to back the men’s and women’s teams.
Ratcliffe, a boyhood United fan, has been more cautious in his assessment, insisting he will not pay a “stupid” price in a bidding war.
The Glazers could yet reject the option of selling a controlling stake in the club, with other parties interested in a minority shareholding.
The initial offers from the first round of bidding last month were around £4.5 billion, surpassing the Premier League record paid for Chelsea last year. Bidders are expected to hear from United next week, with another round of bidding still in play. If one bid is significantly higher than the others, it could be chosen for further negotiation ahead of a final sale.
Is Qatar eyeing Premier League status?
Last Friday, Jim Ratcliffe and representatives from INEOS visited Old Trafford just a day after a delegation from Sheikh Jassim’s group toured Manchester United’s stadium and training ground to conduct further talks as part of their due diligence.
If the Qatari bid is successful, it would grant the Gulf state pride of place in the Premier League, the most-watched domestic competition in the world, just months after hosting the 2022 World Cup.
However, the potential acquisition would also be controversial, as Sheikh Jassim’s close links to the Gulf state’s ruling elite would raise questions about another Premier League club becoming a state-backed project.
Manchester City’s fortunes were transformed after a takeover by Sheikh Mansour, a member of Abu Dhabi’s ruling family, in 2008, and in 2021, the Saudi sovereign wealth fund purchased a controlling stake in Newcastle.
Amnesty International has urged the Premier League to tighten ownership rules to prevent “sportswashing.”
While Manchester United, who have won the European championship three times, have not won the Premier League since legendary boss Alex Ferguson led them to their 20th English title in his final season before retiring in 2013, they are enjoying a resurgence under Erik ten Hag’s management this season and recently ended a six-year trophy drought by winning the League Cup.
