Manchester United takeover: Sheikh Jassim Bin Hamad Al Thani submits new bid to buy Premier League club

The Manchester United takeover process has gained traction with Sheikh Jassim Bin Hamad Al Thani submitting a new bid to acquire the iconic Premier League club.

The deadline for second bids in the Manchester United takeover was 9 pm on Wednesday. However, representatives of Sheikh Jassim had sought an extension granted by Raine Group, the firm dealing with the potential Manchester United takeover deal. Sheikh Jassim has now launched a renewed offer to purchase Manchester United, one of the biggest brands in world football.

Manchester United Background

The Glazer family has been the owner of Manchester United since 2005, but their ownership has been met with widespread protests from fans. The fans have been unhappy with the Glazer family’s debt-laden ownership, which they believe has hindered the club’s progress on the pitch.

In November 2022, the Glazer family announced that they were considering selling the club. This led to a number of bids being submitted, including one from Sir Jim Ratcliffe, the founder of INEOS. However, Ratcliffe’s bid was reportedly rejected by the Glazer family.

The new bid from Sheikh Jassim Bin Hamad Al Thani

Sheikh Jassim Bin Hamad Al Thani’s bid is reportedly worth £5 billion and is said to be fully funded. The Qatari billionaire has also pledged to invest heavily in the club’s infrastructure, including the Old Trafford stadium.

The reaction to the new bid

The reaction to the new bid from Sheikh Jassim Bin Hamad Al Thani has been mixed. Some fans have welcomed the bid, believing that it represents a chance for the club to move forward under new ownership. Others have expressed concerns about the fact that the bid is coming from a foreign investor.

The Glazer family’s response

The Glazer family has not yet responded publicly to Sheikh Jassim Bin Hamad Al Thani’s bid. However, it is expected that they will consider the offer carefully before making a decision.

Other bids received

In addition to Sheikh Jassim’s renewed bid, some other prominent figures have also submitted revised proposals in the second round of the Manchester United takeover process. Billionaire businessman Sir Jim Ratcliffe’s company INEOS sent a reworked offer on Thursday night under the deadline.

Another entity involved is XXI Century Capital, an investment firm owned by Finnish entrepreneur Thomas Zilliacus’ holding group. Thomas confirmed his company has enhanced its original bid amount as well. Meanwhile, American investment management corporation Elliott Management has offered to purchase a minority stake in Manchester United.

Evaluation of bids

It is now for Raine Group and current United owners Glazer family to scrutinize all the bids received and decide on the appropriate next steps. An update is expected next week on whether there will be a single preferred bidder identified or whether another round of bidding will take place. The Glazers reportedly want a valuation of at least £6 billion for Manchester United, while early bids had come in the range of £4.5 billion.

Zilliacus’ plan

One of the bidders, Thomas Zilliacus presented a unique proposal with his bid. He wants to acquire half of Manchester United’s shares and keep the other half for fans to buy into. This will allow supporters to be involved in the decision-making process of the club going forward.

Zilliacus appealed to his rivals Sheikh Jassim and Sir Jim Ratcliffe to join forces with him in purchasing Manchester United together. However, he has yet to receive any response to his proposal of a joint bid. With no cooperation forthcoming, Zilliacus’ company XXI Century Capital has upgraded its individual offer.

Profile of bidders: Manchester United takeover

Following are brief profiles of the prominent entities involved in the high-profile Manchester United takeover process:

• Sheikh Jassim Bin Hamad Al Thani is the chairman of Qatar’s largest bank and comes from the country’s royal family. He has vowed to clear club debts and heavily invest in infrastructure if his bid is successful.
• British billionaire Sir Jim Ratcliffe already owns the French club Nice and the Swiss club Lausanne. He had lost out in the bidding for Chelsea earlier.
• Finnish tycoon Thomas Zilliacus’ plan involves fans owning 50% equity in the club through his investment vehicle XXI Century Capital.
• US investment firm Elliott Management sees acquiring a minority stake and has prior experience in football takeovers.

What happens next?

It is unclear what happens next in the Manchester United takeover saga. The Glazer family will now need to decide whether to accept Sheikh Jassim Bin Hamad Al Thani’s bid or continue to explore other options.

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