Rival bids have been officially launched to take over Manchester United in what looms as the most expensive purchase of a sporting club in history.
Britain’s richest man Sir Jim Ratcliffe, the founder of chemicals company INEOS, submitted a bid before a so-called ‘soft’ deadline of 9am AEDT today.
That followed an announcement from Sheikh Jassim Bin Hamad Al Thani, chairman of Qatar Islamic Bank (QIB), that his Qatari consortium had submitted an offer to take over the Premier League giants.
Other bids were expected – and could still happen after the deadline – including investors from the United States and Saudi Arabia.
Current United owners the Glazer family are hoping to receive at least five billion pounds ($8.75bn AUD) for the club they took full control of in 2015. That would comfortably surpass Chelsea and NFL franchise the Denver Broncos – both sold in 2022 – as the richest takeover deal in sporting history.
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“Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club,” his press release said.
“The bid plans to return the club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more.
“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.
“The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world.”
The statement did not give any details on the amount proposed in the bid for the club.
Sheikh Al Thani is a lifelong United fan and the son of a former Prime Minister of Qatar, while his plan to buy the club without any debt comes in stark contrast to the controversial Glazer family, who have kept the club under millions of dollars of debt since their takeover between 2003 and 2005. United currently has debts running at more than $620 million USD.
The Glazers had signalled they were open to both minority investment and a full takeover.
But the latter now appears to be their preferred option, with American merchant bank Raine brought in to assist United in assessing offers.
Ratcliffe had publicly expressed his interest in taking over the club last month, with the British billionaire having been borne in greater Manchester.
Reports claim he will also offer a debt-free takeover, with any money borrowed to fund the deal being taken on by INEOS.
A source told The Telegraph: “His aim is to be a long-term custodian of Manchester United and set the standard for a progressive approach to club ownership. As locally born, he wants to put the Manchester back into Manchester United.”
Ratcliffe already owns French first-division club Nice.
A bid from Saudi Arabia had also been expected, while there was also rumoured inteest from Asia. The Telegraph reported sources close to Saudi Arabia’s Public Investment Fund (PIF) were playing down the likelihood of a state-backed bid given their existing involvement at rival Premier League club Newcastle United.
However, with United’s shares traded on the New York Stock Exchange (NYSE), brokers acting for the club will be obliged to consider offers even after Friday’s ‘soft’ deadline expired.
United, one of the most successful clubs in English football history, have not won the Premier League since 2013 and have failed to win any silverware since 2017.
They sit third in the Premier League, after an improvement in form under manager Erik ten Hag, who took over before the start of the current campaign.
United are also set to face Newcastle in the League Cup final at Wembley on February 26.