Sheikh Jassim bin Hamad al-Thani submitted a last offer for United last week; Raine Group, the investment firm in charge of the sale of the team, has not yet decided on a preferred offer; and British billionaire Sir Jim Ratcliffe is also interested in acquiring control at Old Trafford.
Old Trafford might soon be under new management.
According to sources who spoke to 90min, the Qatari effort led by Sheikh Jassim bin Hamad al-Thani to acquire ownership of Manchester United is more optimistic than ever that it will succeed in striking a deal before British billionaire Sir Jim Ratcliffe.
Sheikh Jassim built the Nine Two Foundation specifically to take over at Old Trafford, and a fifth and final bid of about £6 billion was submitted for the club last week. The Nine Two Foundation was officially established as a registered company in the UK on Thursday.
The Qatari bid team had grown impatient with the recent stagnation in negotiations, but it is believed that their most recent offer has advanced discussions with United and Raine Group, the investment bank in charge of the club’s sale.
However, sources close to United have made it plain to 90min that conversations are still ongoing with all interested parties. Other reports have stated that Sheikh Jassim’s offer is in talks over an exclusivity period – ahead of Sir Jim Ratcliffe’s INEOS group, who are also bidding to take control of the club.
Other insiders at Old Trafford have claimed that the selection of a preferred bid or winner may not even require the granting of an exclusivity period.
Sir Jim Ratcliffe on his refusal to overpay for United in an interview with the Wall Street Journal
Sir Jim Ratcliffe hopes to take over at Manchester United / Eric Alonso/GettyImages
“How do you determine a painting’s cost? How do you determine a house’s price? It has nothing to do with the expense of construction or painting, Ratcliffe told the Wall Street Journal. “Paying stupid prices for things is something you should avoid doing because you’ll later regret it,” he said.
The latest twist in a volatile 18-year reign that started in May 2005 when Malcolm Glazer acquired a 28.7% ownership in the club from John Magnier and J.P. McManus, came when the Glazer family declared in November of last year that they were searching for investment into the club or an outright sale.
Despite trophy success continued in the last years of Sir Alex Ferguson’s leadership – five Premier League titles, three League Cups, and the Champions League success achieved by the Scot between 2005 and 2013 – their ownership has been beset by fan unrest.
In the ten years that have followed, United earned four major championships overall and spent more than £1 billion on transfers, yet this extravagant spending conceals years of mounting debt and money draining from the team.
