Qatari billionaire Sheikh Jassim has improved his initial bid in a last attempt ditch to buy the entirety of Manchester United.
As the sale of Manchester United is finalizing in recent weeks, Sheik Jassim has made a significantly improved bid in order to ward off competition from Sir Jim Ratcliffe. He is also vying for full ownership of the club. The new bid from Qatar has made the whole saga more interesting.
There have now been three bids from the Qatari investor, with two improved bids. The main competitor to Sheikh Jassim is INEOS chairman Sir Jim Ratcliffe. He did not bid for the whole club, but instead for a huge percentage. His bid is said to value United more than the Qatari bid which is a big factor.
Sheikh Jassim has now made another increased bid — as always, it's for 100% of Manchester United, will clear all debt and includes a separate fund directed solely at the club and community. 🚨🔴🇶🇦 #MUFC
— Fabrizio Romano (@FabrizioRomano) May 16, 2023
Sources guarantee this is significant increase over the initial proposal. pic.twitter.com/xLaNiPCBp8
There was also another important factor. Ratcliffe gave current owners and co-chairman Joel and Avram Glazer the option to stay as minority owners for up to four years. Both brothers are said to want to continue owning the club as opposed to the rest of the family. As such preferred Ratcliffe’s bid to the Qatari one.
With the transfer window approaching, the Glazers were under pressure to choose a new owner. Reports soon came out that they were preferring Sir Jim Ratcliffe. It was then that Sheikh Jassim decided to bid on a final, improvised offer.
Sheikh Jassim’s new offer and plans for Manchester United
While it is said to be significantly higher than his previous offer, it still values the club less than the Ratcliffe one. But Sheikh Jassim also offers more. He will also pay off the almost £1 billion debt the club has accrued under the Glazers and would immediately pay the Glazers in full.
He will have enough to spend on huge transfers, redeveloping Manchester United, and improving its training facilities. The main aim is to allow the club to return to the top of football.
They also promise to incorporate the fans into the management of the club. The bid also promises to improve the infrastructure of the training center, the club stadium-Old Trafford and also the Manchester area nearby.
The previous bid was also said to allow Tampa Bay Buccaneers, an NFL team owned by the Glazers, to play regular season games in the Middle East. This could add extra financial revenue to the Glazers and more popularity to the NFL as a whole and as such a great bargaining tool.
Why are the Glazers selling the club?
The Glazer family bought the Red Devils team in May of 2005 with full ownership. But with some of the family members selling their shares in the following years, they now have an estimated 69% ownership stake.
The main reason the Glazers are selling is that they are looking to make a huge profit. After years of disillusionment, the Red Devil fans are angry at the owners. They have complained about the lack of funding from the owners, riddling the club with debts, and the number of dividends they have taken. They have repeatedly protested at this and it seems this has also led to the Glazers looking for a way out while making huge profits.
According to Forbes, the English Premier League club’s value stands at $4.6 billion, with yearly revenue of $663 million. Sir Jim Ratcliffe’s offer is said to take 50% control initially and gradually buy the whole club. The offer values Manchester United around £6bn. It is unknown what the Qatari bid is, though his previous bid was said to be around £5bn.
It remains to be seen whether Ratcliffe improves his bid. The pressure is on the Glazers now, with the sale of the club before the transfer window a priority. This is to strengthen the club before next season as they are in desperate need of funds.
While Ratcliffe was the favorite last week, the Qatari could also be a strong contender. We could have an answer in the coming days, and witness a new change in Manchester.
