Qatar’s Sheikh Jassim bin Hamad al-Yhani has made a last-ditch attempt to buy Manchester United, by submitting an improved final offer of no more than 5.5 billion pounds for the Premier League club, according to The Tines.
The Qatari billionaire, who is the brother of the emir of Qatar and a member of the ruling family, has increased his bid by around 500 million pounds from his previous offer, which was close to 5 billion pounds.
Sheikh Jassim’s offer also includes clearing the club’s 1 billion pounds debt and creating a fund solely for the club and surrounding community, as he seeks to become the preferred bidder of the current owners, the Glazer family.
The Glazers, who bought the club in 2005 for 790 million pounds, have put the club on the market and have received several bids from potential buyers, including British petrochemicals tycoon Sir Jim Ratcliffe, who owns French club Nice and cycling team Ineos Grenadiers.
Ratcliffe’s bid was reportedly higher than Sheikh Jassim’s previous offer and involved buying a majority stake of around 50%, while leaving some of the Glazers with a minority share of 20%.
However, Sheikh Jassim is hoping that his latest offer, which is for complete control of Manchester United and will be paid immediately, will sway the Glazers to sell to him.
The Qatari banker is a lifelong fan of Manchester United and has a personal fortune of around 20 billion pounds. He also owns Paris Saint-Germain, one of Europe’s top clubs, and has invested heavily in their squad and infrastructure.
Sheikh Jassim’s bid for Manchester United comes amid growing discontent among the club’s fans over the Glazers’ ownership and their involvement in the failed European Super League project, which sparked protests and calls for a change of ownership.
Manchester United are one of the most successful and popular clubs in the world, with 20 league titles, three European Cups and millions of fans across the globe. The club is also one of the most valuable sports franchises in the world, with a market capitalization of around $3.8 billion on the New York Stock Exchange.
The Raine Group, an investment bank based in New York, is running the bidding process for the Glazers and is expected to announce the outcome soon.
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