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LONDON. — Qatar will make a formal bid to buy Manchester United this week as the English Premiership football club’s takeover race enters a crucial period.
US merchant bank Raine group has set a loose deadline of Friday, February 17, for interested parties to submit offers via email.
According to the Telegraph, Qatar Investment Authority will launch a bid to purchase United from the Glazer family by Friday’s deadline.
The Florida-based owners have put United on the market for around £5 billion and are open to a full-scale sale or minority investment.
And QIA will be among the suitors to throw their hat in the ring for one of the world’s biggest sporting brands.
British billionaire Sir Jim Ratcliffe and American consortiums are expected to join the Middle Eastern interest.
However, QIA have the potential to blow any rival out of the water if the Glazers opt to sell the entirety of the club they have owned since 2005.
The sovereign wealth fund, which owns London’s famous Shard building and high-end department store Harrods, is worth over £370bn.
The Emir of Qatar, Sheikh Tamim bin Hamad al-Thani, is understood to endorse the move by Qatari investors.
The interest from Doha, which hosted the 2022 World Cup, isn’t interested in a minority stake and would want to seize control of the Red Devils from the Glazers.
They plan to go through with a redevelopment of Old Trafford and would invest in modernising the club’s out-of-date Carrington training ground.
There is also an expectation that Qatari money would go towards regenerating the land around Old Trafford, an area the Glazers have largely ignored during their 18-year regime. There has been uncertainty over whether Qatari investors would be allowed to invest in United, given Qatar Sports Investments own Paris Saint-Germain.
However, reports claim UEFA will give the gulf state the green light to complete the takeover, despite the potential conflict of interest in the Champions League.
The process will likely accelerate beyond Friday after Raine’s deadline passes, but Qatar are expected to come forward with the highest offer. Therefore QIA must be considered favourites to fend off the competition, which should include at least three other serious parties looking for full control of the club. — The Daily Express
Online Reporter