Qatar’s Sheikh Jassim still confident in Manchester United takeover bid | CPT PPP Coverage

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Qatar’s Sheikh Jassim bin Hamad Al Thani is reportedly still confident he will succeed in his bid to buy Manchester United, despite a report earlier this week suggesting that the Glazer brothers will retain ownership.

The banker and son of a former Qatari emir has been the favorite to take over the English soccer club through his Nine Two Foundation, ahead of Jim Ratcliffe, CEO of Ineos and Britain’s richest man.

Manchester United shares fell 13% following an ESPN report on Monday, citing an anonymous source, that owners and co-chairmen Joel and Avram Glazer are confident they will secure investment to continue owning the club and eventually double its value. 

United’s shares briefly fell plunged to $18.91 per share on the New York Stock Exchange on Monday morning after the news broke, the lowest value since November.

But The Guardian reported on Tuesday evening that Thani is still assured his deal will persuade the Glazers to sell all of the club, amid reports that US investment firm Carlyle Group is in final talks to take a minority stake in the team.

The American family reportedly want at least £6 billion ($7.46 billion) for the club. The source told ESPN in the Monday report that Avram and Joel Glazer believe they can double the value of United to at least £10 billion. 

Thani has said that his buyout will be debt-free. He is understood to have made a record-breaking £5 billion bid for the club. Ratcliffe wants to buy a majority stake in United but has said he would have to borrow as part of the deal. 

Background: The Glazers announced in November 2022 that they were looking at “all strategic alternatives, including new investment into the club, a sale or other transactions” to raise the funds required to transform the team, the training ground and Old Trafford stadium.

The deadline for third-round bids for the Red Devils is reported to be April 28, which will likely see Thani and Ratcliffe try and increase their offers. 

Four investment firms have also been linked to purchasing a share in the club, including Sixth Street and Ares, but Carlyle and Elliott Management are the favorites, The Independent reported. 

Why it matters: After Middle Eastern takeovers of Manchester City, Newcastle United and PSG, Manchester United would be a jewel in the crown for Gulf buyers and represents a lucrative opportunity. A sports finance expert told Al-Monitor last month that United only monetizes 1% of its global fanbase and that there were ample opportunities to invest in the Middle East. 

Know more: Manchester United is not the only British sports team currently linked to potential Middle Eastern finance. England’s Yorkshire County Cricket Club said earlier this month that it was seeking refinancing from Middle Eastern investors as Gulf countries increase their shares and interest in British sports clubs.