Sheikh Jassim bin Hamad Al Thani has increased his bid in an attempt to buy Manchester United ahead of this summer.
Even though Manchester United’s current owners, the Glazer Family, are asking for £6 billion for United, Sheikh Jassim’s renewed offer is believed to be close to £5 billion. The bid which was his fourth and final attempt was submitted to the organization in charge of the sale, The Raine Group on Tuesday.
The Qatari investor and Sir Jim Ratcliffe’s Ineos Group are the two main businesses bidding to buy the Old Trafford club.
Both teams delivered their third proposals on April 28, 2023, to Raine Group.
Sheikh Jassim’s fourth bid includes buying the entire club, paying off United’s debt, and creating a special fund that will only be used for the benefit of the club and the community.
Amounts owed by United as of March included gross debt, bank borrowings, past-due transfer fees, and other obligations, totaling £969.6 million.
In November, the Glazer family revealed that they were “exploring strategic alternatives” and may sell Manchester United.
The Glazer family has not responded since the previous bid deadline on April 28, but the Ineos team has grown more optimistic that its efforts to acquire United would be successful.
Co-chairmen Joel and Avram Glazer may still have a big impact if Ratcliffe reduces the amount he wanted to purchase United from an initial 69% for the entire Glazer share to just over 50%.
It is still unknown when the Glazer family will decide on United’s future course according to a BBC report.
Recall that the family paid £790 million for the club in 2005, and as of right now, they value it between £5 billion and £6 billion.
At the time of publishing this report, there was no guarantee that a new owner will be announced this week. An announcement this week would have provided the club’s manager, Erik ten Hag some clarity regarding his summer spending strategy because the transfer window begins in less than a month.
