On Friday, Britain’s richest man Jim Ratcliffe’s Ineos group and Qatari banker Sheikh Jassim Bin Hamad Al Thani launched competing bids for Manchester United. These bids put themselves at odds with the Glazer family’s controversial reign over the club, which began back in 2012.
Sheikh Jassim’s bid is entirely independent from Qatari state interests and he maintains it will adhere to UEFA regulations regarding ownership of clubs. Nevertheless, his proposal has drawn criticism from supporters who worry about any possible connections to Saudi Arabia.
Ratcliffe’s Ineos
Established by British billionaire Jim Ratcliffe, Ineos is a chemical giant that manufactures everything from plastics and synthetic oils to insulin and antibiotics. Its 600-foot “Dragon Ships” were the first to transport shale gas into Europe.
United’s American owners, the Glazer family, have been exploring options for their club 17 years after purchasing it. Earlier this year they said they may consider either selling or investing in another venture.
Now, Ratcliffe has launched his own bid for Manchester United. He’s made a PS4bn offer for majority ownership of the club.
This bid is slightly below the PS5bn sheikh Jassim Bin Hamad Al Thani is believed to have offered for the club, though still much lower than the reported PS6bn the Glazers are seeking in order to sell the club.
Ineos has been a staunch supporter of Man Utd for years. In its statement, it states that it wants the club to remain grounded in its proud history and roots in the North-West, reinserting Manchester back into the club while also setting its sights on winning the Champions League.
Read More: yallashoot
Sheikh Jassim’s Nine Two Foundation
On Friday night, The Glazer family’s decision to make Friday a “soft deadline” for bidders has left two rival offers on United on the table. Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire Sir Jim Ratcliffe each launched competing offers for United.
Sheikh Jassim is the son of a former Qatari prime minister and chairman of QIB – one of the country’s major banks. If he purchases the club, he has promised to invest in its team and training ground.
He pledged to “restore Manchester United to their former glories” and wipe away any debts of the club’s owners. His vision was for Manchester United Football Club to be renowned for its footballing prowess and recognized as “the greatest football club in the world”.
Ratcliffe-owned Ineos has a long-standing presence in sport investment, owning French Ligue 1 club Nice and Swiss club Lausanne. Additionally, Ineos Britannia – captained by Sir Ben Ainslie – is part of their portfolio and aiming to win the 2024 America’s Cup for Great Britain.
Raine Group
The Raine Group, the US merchant bank that oversaw Chelsea’s $5.4 billion sale last year, is organizing what could be a Glazer family sale of Manchester United. Reportedly, they have asked parties to submit initial bids and proof of funds by 10pm Friday night.
Current owners are considering all offers for the club, who want to sell their stake for at least PS5 billion. Qatari former Prime Minister Hamad bin Jassim Al Thani and Saudi Arabian investor Elon Musk have both been linked with a bid, though it remains to be seen how many would pay such a price to own the biggest football club in the world.
It is possible the Glazers may be considering restructuring their debt by selling a minority share of the club, which would likely boost revenues. But it is difficult to imagine how they could finance such an endeavor on their own when the club is facing financial difficulty and their name has been tarnished by anti-Glazer protests.
The Glazers
In November, the Glazer family announced they were looking into’strategic alternatives’ for Manchester United. This move many believed would signal the end of their 17-year reign of controversial rule at Old Trafford.
But it wasn’t until protests and demonstrations outside Old Trafford – including in 2021 when their Premier League game against Liverpool was cancelled due to supporters storming the stadium – that the Glazers opened a dialogue with fans.
Now, Sir Jim Ratcliffe – Britain’s richest man – and Qatari Sheikh Jassim Bin Hamad Al Thani have launched their rival bids ahead of a soft deadline set by selling bank Raine Group on Friday evening.
Qatari investors could offer up to PS6billion for the club, which would be more than what Glazers paid in a leveraged buy-out. This means the club would make an impressive 40 times their original investment – leaving them poised to reap huge profits on their stake.
Source: يلا شوت
