Sheikh Jassim has increased his bid to buy Manchester United from the Glazer family
On April 28, Qatar’s Sheikh Jassim and Sir Jim Ratcliffe’s INEOS submitted their third and final bids to buy Manchester United; Sheikh Jassim’s new offer would erase nearly £1 billion in debt at Man Utd and distribute ring-fenced cash for the club and community.
Sheikh Jassim Bin Hamad Al Thani submitted his fourth bid with an increased offer to buy for Manchester United.
Sheikh Jassim’s renewed bid, which is thought to be close to £5 billion but falls short of the Glazer family’s £6 billion valuation, was submitted to the Raine Group, the New York-based investment bank in charge of the club’s sale, on Tuesday morning.
Sheikh Jassim believes his bid is very competitive and will deliver significant benefits to the Club, including the repayment of about £1 billion in club debt and the establishment a separate fund to redevelop Old Trafford, the surrounding area, and the club’s Carrington training complex.
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INEOS values United at a higher price than Sheik Jassim’s bid, but it is not for the entire club and would allow the Glazers to retain a 20% interest. On Tuesday, United’s share price fell to $18.80 on the NYSE, giving the club a market capitalization of $3.09 billion (£2.47 billion).
For the Qataris, prestige is everything. They are absolutely in this race, they want to win. They are so far into it that they don’t want to seem to be defeated. So it’s about price so lo and behold, we’ve got a new bid.
The Telegraph’s Sam Wallace:
Public Profiles of Potential Manchester United Bidders
Sheikh Jassim Bin Hamad Al Thani
The Qatari sheikh is the chairman of Qatar Islamic Bank, one of his country’s biggest financial institutions. His father, Hamad Bin Jassim Bin Jaber Al Thani, is a former Middle Eastern prime minister. There is little information about him in the public domain, although it is known that he went to boarding school in the UK before attending the Royal Military Academy at Sandhurst, where he supposedly fell in love with United.
The 70-year-old Manchester-born billionaire is one of Britain’s richest people, with an estimated personal wealth of £6 billion. Growing up on a council estate, he started the chemicals corporation INEOS in 1998 and managed its expansion to become a company worth an estimated £50 billion.
His interest in sports has grown in popularity in recent years. He owns the French Ligue 1 club Nice, the Swiss Super League club FC Lausanne-Sport, and the Ineos Grenadiers cycling team. Last year, he attempted to acquire Chelsea, where he once had a season ticket but was defeated by American Todd Boehly.
This is still a stiff competition between the two, we will keep you up to date on the ownership takeover of Manchester United.
Sheikh Jassim increases his bid to buy Manchester United added by Magembe Solomon on
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