Qatari bid for Man United only one that buys Glazers out
A £5bn bid from Qatar for Manchester United Football Club is understood to be the only one that will see the Glazer family quit the Old Trafford club.
As a new deadline passed on Friday night, Sky News reported over the weekend that a rival bid from Sir Jim Ratcliffe, a boyhood Manchester United fan, and owner of chemical firm INEOS, will only acquire 50% of the shares in United, leaving the Glazers with a 40% interest.
Ratcliffe’s INEOS also owns French Ligue One side OGC Nice, Swiss Super League side FC Lausanne-Sport and works with partner club Racing Club Abidjan of Ivory Coast Ligue One.
However the £5bn bid from Qatar-based Sheikh Jassim bin Hamad al-Thani promises to buy the club outright, invest in players and redevelop the stadium, training ground and the area around Old Trafford into a fan zone and visitor attraction.
TheBusinessDesk.com has previously reported that the sale process has also involved the Glazer’s valuation of £6bn could be met by a partial sale to new investors such as American private equity giant Carlyle Group and Elliott Advisors, a hedge fund which previously owned AC Milan, Ares Management Corporation.
On Saturday a protest march through Manchester saw supporters donning the green and gold scarves, the original United colours, and demanding the end of the Glazers 18 year ownership and a “full sale only”.
Fans are angry that the highly leveraged £790m takeover loaded the club with debt, which stood at £514.9m at the end of the June 30, 2022 financial year.
