Qatar makes an offer to buy Manchester United

MANCHESTER, England (AP) — A bid from Qatar to acquire Manchester United was confirmed on Friday. Sheikh Jassim Bin Hamad Al Thani has vowed to wipe out all debt from the team and return to the glory years.

Sheikh Jassim, chairman of QIB, which is one of Qatar’s leading banks, has submitted an offer to acquire 100% of the team which is currently owned by the Glazer family.

“The offering is completely debt-free through Sheikh Jassim’s Nine Two Foundation, which seeks to invest in football teams, training facilities, stadium and infrastructure, the fan experience and the communities that support the club,” he said in a statement.

It does not mention the amount of the offer.

Today is the last day for anyone to submit serious offers and keep bidding to buy Manchester United.

After months of speculation and rising share prices, initial offers are due Friday to investment bank Raine Group, which is handling the purchase of the world’s most renowned football team.

Ultimately, the Glazer family of the United States will have an idea of ​​how much they can expect to receive for the club they bought for $1.4 billion in 2005.

It is estimated that the price could reach $6,000 million, due to the alleged interest from Saudi Arabia and which led to the drastic increase in its price as the deadline approached.

Although Friday’s date has been described as a soft deadline, Raine and the Glazer family will have a clearer picture of potential buyers before moving on to the next phase of the process. Sheikh Jassim’s announcement follows speculation of interest from Qatar.

Before this announcement, only British billionaire Jim Ratcliffe had publicly confirmed his intention to bid to acquire the club he has supported since childhood.

Besides Qatar, Saudi Arabia is expected to submit an offer. There are also rumors that Elon Musk could make an offer from the United States.

Ratcliffe, owner of petrochemical giant INEOS, announced his intention to bid last month and remains the only candidate to have made it public. It’s a change of strategy from last year when he made a last minute bid for Chelsea but was not considered as he missed a deadline set by Raine, who also managed the sale.

Ratcliffe, the current owner of Nice in France, said last year he had no interest in applying for another Premier League club after missing out on Chelsea and receiving little support from the Glazer family. But he would become a popular choice among fans due to his support for the team.