Sheikh Jassim Bin Hamad Al Thani, the son of Qatar’s former prime minister, has submitted an improved bid to buy Premier League club Manchester United, according to sources familiar with the matter. This follows an earlier bid made in February that was completely debt-free. No financial details of the new bid have been disclosed.
Glazer family receives several bids for Manchester United
The Glazer family, Manchester United’s American owners, launched a formal sale process last year and have received several bids, including from British billionaire Jim Ratcliffe, founder of chemicals producer INEOS, and Finnish businessman Thomas Zilliacus.
Manchester United extends Deadline for second bids
The deadline for second bids was on Wednesday, but Sheikh Jassim’s representatives asked for an extension on Tuesday, which was granted. Sir Jim Ratcliffe and INEOS submitted a revised bid on Thursday night, while Thomas Zilliacus confirmed his holding company XXI Century Capital had also made an increased offer. Elliott Management also made an offer to buy a minority stake in the club and finance other interested investors.
The highest first-round bids to buy the club were £4.5bn, but the Glazers are said to want at least £6bn.
Finnish businessman proposes joint ownership with fans
In addition, Finnish businessman Thomas Zilliacus has proposed buying half of Manchester United with the other half bought by fans who will be part of the club’s decision-making. He has appealed to Sheikh Jassim and Sir Jim Ratcliffe to “join forces” with him to “buy the club together”. However, Zilliacus has not yet received a reply from either party.
Raine Group and Glazers to evaluate proposals
It is now up to Raine Group, the firm handling the sale of United, and the Glazers to evaluate all the proposals they have received and decide on the next steps. It should be revealed next week if there will be one preferred bidder or if there will be another round of bids.
