A member of the Qatari royal family and Britain’s richest man submitted an offer to acquire Manchester United Plc, while Elliott Investment Management LP prepared to provide financing, as the bidding process for the English football giant heats up.
Billionaire Paul Singer’s Elliott Management offered a proposal to help finance the club’s bid, according to people familiar with the matter. Elliott is not bidding on the club itself, the person said.
Elliott’s interest was confirmed after Jassim bin Hamad bin Jaber Al Thani, chairman of Qatar Islamic Bank and son of the country’s former prime minister, announced a bid to acquire the English Premier League club in an emailed statement on Friday. The Qataris’ opening offer could value Manchester United, now owned by the US Glazer family, at around £5 billion ($6 billion), Bloomberg News previously reported.
“The bid is designed to return the club to its former glory on and off the pitch, and – most importantly – will work to re-engage the fans at the heart of Manchester United Football Club,” Sheikh Jassim wrote in the statement.
On Saturday, British billionaire Jim Ratcliffe, a Manchester United fan who has secured funding from banks including Goldman Sachs Group Inc., and his company Ineos Group also said they had submitted an offer for majority ownership of the club.
“We will see our role as long-term custodians of Manchester United for the fans and the wider community,” according to the statement. Pledging to put “Manchester back to Manchester United,” Ratcliffe and Ineos said they would focus on winning the Champions League.
Competing offers
The initial bid for the club was on Friday. The debt-free bid from the Qatari group includes investments in the team, training center and stadium, and will be implemented through Sheikh Jassim’s Nine Two Foundation. The bid amount was not disclosed in the statement.
The Qatari group includes Sheikh Jassim’s father, Hamad bin Jassim bin Jaber Al Thani, who is head of the Qatar Investment Authority as well as prime minister, Bloomberg reported. Sheikh Jassim, who previously served on the board of Credit Suisse Group AG, was educated in England at the Royal Military Academy Sandhurst and is a lifelong Manchester United fan, according to the statement.
The deal for Manchester United could represent the biggest takeover of a professional sports club on record, potentially surpassing the $4.65 billion paid last year by a group led by Walmart Inc. heir Rob Walton for the Denver Broncos NFL team.
New York bank Raine Group is advising the Glazers on the sale of the club, whose New York-listed shares have doubled since November as buyout speculation has mounted, giving the company a market value of around $4.3 billion.
Chelsea, PSG
British and European teams are increasingly attracting the interest of overseas investors. This includes the £2.5 billion acquisition of Chelsea Football Club by a US group led by Clearlake Capital and Todd Boehly. AC Milan, Atletico Madrid, Crystal Palace and Genoa CFC are all among the clubs with private equity, including from the US.
Backed by Qatar who hosted the World Cup last year, Qatar Sports Investments has considered playing for Tottenham Hotspur and Liverpool FC, as well as Manchester United, Bloomberg News reported. QSI already has Paris Saint-Germain, the club team for Lionel Messi and Kylian Mbappe, the two biggest stars of the Qatari game.
If successful, Sheikh Jassim’s group may have to persuade UEFA that it is independent enough from QSI for PSG and Manchester United to play in the same European competition.
Most Premier League clubs are now majority owned by foreign investors. This includes Newcastle United FC, which was bought by Saudi Arabia’s sovereign wealth fund in 2021 after waiting a year and a half for league approval.
Manchester United, who have won a record 13 Premier League titles, have consistently managed to attract the game’s biggest stars, including the likes of Cristiano Ronaldo, Paul Pogba and Zlatan Ibrahimovic.
While the dominance of English football in recent years has been crosstown rival Manchester City FC, which has won many awards since it was taken over by Abu Dhabi investors in 2008, Manchester United has enjoyed a resurgence in fortunes under new coach Erik ten. Hag.
-With help from Alex Longley.
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