Old Trafford, home of the Red Devils. OLI SCARFF / AFP
A consortium led by Sheikh Jassim Bin Hamad Al Thani, president of the Qatar Islamic Bank (QIB), announced in a press release that it had made a proposal to acquire 100% of the shares of the Mancunian club.
It was expected, it’s official. Qatar on Friday submitted an offer to buy English club Manchester United, through a consortium led by Sheikh Jassim Bin Hamad Al Thani
The stated objective is toto restore the club to its former glory, both on and off the pitch, and, above all, to put the fans back at the heart of Manchester United Football Club“, According to the press release.
At the center of the financial arrangement, the Nine Two foundation. Investments are plannedin the football teams, training centre, stadium and general infrastructure, the fan experience and the communities the club supports.No amount has been announced, but the figure of 4.5 billion euros is circulating. The offer would not include any indebtedness.
QIB is one of the largest banks in Qatar. Its majority shareholder is the sovereign wealth fund Qatar Investment Authority, owner of Qatar Sports Investments (QSI), which controls Paris SG.
The son of a former Prime Minister of Qatar, Sheikh Jassim Bin Hamad Al Thani, 42, is touted as a childhood supporter of Manchester United.
There are, however, expected to be other offers for the club, as the Glazers were hoping for firm offers for this Friday and would like to complete the sale by the end of April. Last November, she had indicated her attention to pass the hand.
British billionaire Jim Ratcliffe and his petrochemical group Ineos, which already own clubs in Nice, France, and Lausanne, Switzerland, were the only ones to make their interest known publicly.