Sheikh Jassim bin Hamad al-Thani submitted a last offer to purchase Manchester United last week. Raine Group, the investment firm that is organising the club’s sale, has not yet made a decision regarding a preferred bidder. British billionaire Sir Jim Ratcliffe is also hoping to assume control at Old Trafford.
According to insiders who spoke with Okpops, the Qatar-based effort to take control of Manchester United, which is being directed by Sheikh Jassim bin Hamad al-Thani, is becoming increasingly confident that it can secure a deal before the British billionaire Sir Jim Ratcliffe.
The Nine Two Foundation, which was founded by Sheikh Jassim for the express goal of taking over at Old Trafford and which was officially incorporated as a registered business in the United Kingdom on Thursday, was established for the exclusive purpose of taking over at Old Trafford, and a fifth and final bid for the club worth around £6 billion was submitted for it last week.
It is believed that the Qatari bidding team’s most recent offer has advanced discussions with United and Raine Group, the investment firm that is supervising the sale of the club. The Qatari bidding team had become dissatisfied with the lack of movement in negotiations over the past few weeks.
However, sources close to United have made it plain to 90min that conversations are still ongoing with all interested parties. Previous reports have stated that Sheikh Jassim’s offer is in talks over an exclusivity period, which would put it ahead of Sir Jim Ratcliffe’s INEOS group, who are also trying to take control of the club.
Various other insiders with intimate ties to Old Trafford have stated that a time of exclusivity might not even be necessary for a preferred bid or winner to be announced.
In an interview with the Wall Street Journal, Sir Jim Ratcliffe stated that the company will not pay more than necessary for United.
Sir Jim Ratcliffe hopes to take over at Manchester United / Eric Alonso/GettyImages
“What factors go into establishing the price of a painting? What factors go into determining the asking price of a home? According to what Ratcliffe said to the Wall Street Journal, the amount that it cost to build or how much it cost to paint has nothing to do with it. “One thing you definitely don’t want to do is pay ridiculous prices for things, because you will end up lamenting that decision later on.”
Winning is the only thing that would pique our interest in being a part of that club.
The Glazer family made the announcement that they were searching for investment into the club or a full sale in November of the previous year. This was the latest turn in a turbulent 18-year reign that began in May 2005 when Malcolm Glazer purchased a 28.7% share in the club from John Magnier and J.P. McManus.
Despite continued trophy success in the last years of Sir Alex Ferguson’s tenure – five Premier League titles, three League Cups, and the Champions League – their ownership has been troubled by supporter protests. This is the case despite the fact that the success achieved by the Scot between 2005 and 2013 included the Champions League.
In the ten years that followed, Manchester United won a total of four major championships and spent more than one billion pounds on player transfers. Despite the fact that this extravagant expenditure conceals years of increasing debt and money being taken out of the club, United has spent more than one billion pounds on player transfers.
