June 15, (THEWILL) – Manchester United could be on the verge of a historic takeover bid, led by Sheikh Jassim bin Hamad al-Thani.
The Qatar-based businessman, backed by the newly formed Nine Two Foundation, is gaining confidence in securing a deal to acquire the renowned football club ahead of British billionaire, Sir Jim Ratcliffe. The foundation, which was established by Sheikh Jassim, submitted a substantial fifth bid of approximately £6bn last week, marking their firm commitment to taking over the helm at Old Trafford.
Negotiations had experienced a stagnant period, prompting frustration within the Qatari bidding team. However, their latest offer has breathed new life into talks with United and Raine Group, the investment bank overseeing the club’s sale. Sheikh Jassim’s bid is reportedly in discussions for an exclusivity period, potentially giving them an advantageous position over Sir Jim Ratcliffe’s INEOS group, who are also vying for control of the club.
Nevertheless, sources close to Old Trafford have revealed that discussions are ongoing with all interested parties, indicating a level playing field for potential bidders. While an exclusivity period may not be a prerequisite for declaring a preferred bid or winner, the Glazer family, who have held ownership of the club for the past 18 years, remains committed to finding new investment opportunities or a complete sale.
Despite a period of fan protests, Man Utd has achieved significant success on the pitch, including five English Premier League titles, three League Cups, and a UEFA Champions League victory under the tenure of Sir Alex Ferguson between 2005 and 2013.
However, in recent years, the club’s performance has waned, with just four major trophies won and over £1bn spent on transfers, exacerbating their mounting debts.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
