qatari Investors Target Manchester United
Qatari investors are expected to make formal bid to buy Manchester United in the coming days.
United’s owner, the Glazer family, are currently considering selling the Premier League football club after revealing in November they are ‘exploring strategic alternatives’ regarding the club’s future. The American owners are believed to be looking for a sale price of at least £5bn.
A soft deadline of 17th February is approaching for the first round of proposals to buy the club, with the sale being managed by the Raine Group, the US investment banking firm that oversaw the recent sale of Chelsea FC. At this stage, the initial bids are expected to consist of only the offered amount and proof of funds.
There has only been one public declaration so far, from British businessman Sir Jim Ratcliffe. Ineos, Ratcliffe’s London-based chemicals company, revealed that it has formally put itself into the process in January and is understood to have employed the services of financial firms JP Morgan and Goldman Sachs to assist in the process.
A Qatari group linked to the country’s royal family is set to be the next party to bid for one the world’s biggest football clubs. The ruler of Qatar, Sheikh Tamim bin Hamad Al-Thani is said to be a Manchester United supporter and a key driver behind the bid.
The president of French football club Paris St-Germain, Nasser Al-Khelaifi, will likely be a key figure in any Qatari ownership bid, even if he could have no direct involvement in the club due to UEFA rules that do not allow dual ownership across two clubs playing in its competitions.
For this reason, Qatar Sports Investment (QSI), headed by Al-Khelaifi, had been looking at the potential for taking a smaller stake in a Premier League club. But now that QSI is eyeing the United in its entirety, any move would have to come through private individuals or a different organisation.
This could potentially be the Qatar Investment Authority – a global investment platform that includes London department store Harrods and the UK’s largest building the Shard in its portfolio.
A final round of bidding was initially planned for March by the Raine Group, but those date could be subject to change depending on the level of interest competition.
Image: Shutterstock
