Manchester United’s potential takeover took another step on Friday (February as Qatari Qatari Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe's Ineos have emerged as early front-runners. The Glazers, current owners of the 13-time Premier League (PL) giants have put the club on sale and expect around Rs 50000 crore (£5 billion) in return.
Manchester United Takeover
Sir Ratcliffe interested in United
Ratcliffe, Britain's richest man, had indicated his intention to bid for the club last month and there was confirmation an offer from his company Ineos had been made just before the 10pm deadline set by Raine Group, who are organising the potential sale of the club on behalf of the Glazer family.
The 70-year-old billionaire, who was born in Greater Manchester, was among the bidders for Chelsea when their ownership was available last year and is no stranger to big sporting investments. He also owns cycling team INEOS Grenadiers, Ligue 1 side Nice, FC Lausanne-Sport, a Swiss Super League club, and owns a third of the Mercedes Formula 1 team.
Earlier Sheikh Jassim, the chairman of Qatar bank QIB, made a 'substantial' bid, which would carry no debt, insisting all profit under his ownership would be reinvested into the community through the newly-formed Nine Two Foundation.
One insider says "if the Glazers don't get top, top dollar then they aren't going anywhere" but Sheikh Jassim is prepared to pay a world-record price for a sports club to buy Manchester United. The current record is the Rs 37500 crore (£3.75bn) paid for the Denver Broncos NFL team.
Further details to be revealed soon
The final figure paid by Sheikh Jassim or Ratcliffe will be determined after they have been given access and taken a detailed look at the company accounts. Sheikh Jassim became a Manchester United fan in 1992, when he was 10, and says he will invest in the men's and women's teams, and the redevelopment of the stadium, the training ground and the area around Old Trafford.
He is the son of the former Prime Minister of Qatar, was educated at Sandhurst in the UK and he is the chairman of Qatar Islamic Bank. He was formerly on the board of Credit Suisse.
