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Friday, 17 February 2023 at 21:11, UK
The chairman of Qatar Islamic Bank (QIB) has submitted a bid for 100% control of Manchester United.
Sheikh Jassim bin Hamad Al Thani is understood to have submitted his first official bid for the Premier League club.
Manchester United’s current owners, the Glazer family, have set a deadline of 10pm on Friday.
In a statement released tonight, Sheikh Jassim “confirmed the submission of a 100 per cent bid for Manchester United FC”.
The statement added: “The bid program will restore the club to its former glory on and off the pitch and, most importantly, will once again put the fans at the heart of the club.”
“The tender will be 100% debt-free through Sheikh Jassim’s 92 Foundation, which will invest in football teams, training centres, stadiums and wider infrastructure.”
The 92 Foundation is a new financial entity designed to provide private funding for the bid.
Sheikh Jassim’s father, Hamad bin Jassim bin Jaber Al Thani, a former prime minister of Qatar, was educated at Sandhurst Military Academy in England, graduated as an officer cadet, was president of the QIB and held positions at other clubs. Sheikh Jassim, born in 1982, says he has been a Manchester United fan all his life.
The Glazers, who took over the club in 2005 and were widely disliked by fans, announced in November that they were selling United.
Four serious bidders are believed to be bidding for the club: Sheikh Jassim; Sir Jim Radcliffe, the billionaire owner of Ineos; a bid from the United States; and a bid from Saudi Arabia. Saudi Arabia’s bid is expected to be the only one that does not rely on borrowed funds.
Reports have suggested that Elon Musk, one of the world’s richest men and a fan of the club, may be considering a bid, having joked in the past on Twitter that he would be interested in buying it.
New York-based Raine Group investment group is marketing the sale of the club and will ensure that any bid for the club is backed by a solid financial basis. The 10pm deadline is considered a soft deadline, meaning any other bidder may have already bid.
If the QIB bid is successful, United will become the third Premier League club to have a Gulf owner, after Manchester City (UAE) and Newcastle (Saudi Arabia). In France, Paris Saint-Germain is owned by Qatar’s sovereign wealth fund.
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