bids Roll In For Manchester United
The ‘soft deadline’ for proposals to buy Premier League football club Manchester United has passed, with two parties publicly confirming their bids.
Sheikh Jassim bin Hamad Al Thani, the chairman of one of Qatar’s biggest banks, was the first to confirm that his Nine Two Foundation made an offer for one of Europe’s biggest football clubs.
In a statement, the Qatari consortium said, “The bid plans to return the club to its former glories.
“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.
“The vision of the bid is for Manchester United to be renowned for footballing excellence, and regarded as the greatest football club in the world.”
The president of French football club Paris St-Germain, Nasser Al-Khelaifi, is reportedly playing a role in the Qatari ownership bid, even if he can have no direct involvement in the club due to UEFA rules that do not allow dual ownership across two clubs playing in its competitions.
The petrochemicals firm Ineos, owned by British billionaire Sir Jim Ratcliffe, has also confirmed its bid for “majority ownership” of the club.
In a statement, the company said, “We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community.
“We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again.”
“We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.
“We want a Manchester United anchored in its proud history and roots in the North West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League.”
Ineos’ extensive sporting portfolio currently includes sailing team Ineos Britannia, led by Sir Ben Ainslie, a five-year partnership with Formula 1 team Mercedes and cycling team Ineos Grenadiers.
Ratcliffe made an unsuccessful late £4.25bn offer to buy Chelsea last year when Russian owner Roman Abramovich put the London club up for sale.
The sale of Manchester United is being managed by the Raine Group, the US investment banking firm that oversaw the recent sale of Chelsea.
At this stage, the initial bids are thought to only consist of the offered amount and proof of funds.
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