Is Manchester United owned by Qatar? Latest news on Qatari investments in Man United 2023
For ownership of Manchester United, among the most successful football teams in the world, which is presently owned by the American Glazer family, a Qatari prince and one of the wealthiest persons in the UK filed proposals. We at Alley Sport are here to provide you with Is Manchester United owned by Qatar? The largest acquisition of a sports franchise has never occurred with a transaction of this size.
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Till late Friday night, just an hour after issuing a press statement announcing his multi-billion-pound offer for Manchester United, Sheikh Jassim Bin Hamad J.J. Al Thani didn’t even have an article on Wikipedia. The third son of the late Qatari prime minister Hamad bin Jassim bin Jaber Al Thani, a member of the royal family is now the public face of what some consider to be the most compelling offer for the storied football club, and he has enlisted Bank of America Corp. as one of his advisers.
The opening salvo in what may develop into one of the year’s most publicised bidding wars was fired by Sheikh Jassim on Friday night, perhaps leading to a record sum being paid for a sporting asset. A controlling share in Manchester United is being sought after by Jim Ratcliffe, one of the wealthiest persons in Britain who also got his money from natural resources.
Hedge firm Elliott Investment Management LP has also emerged as a potential lender. According to multiple media reports, Sheikh Jassim, who has access to almost unlimited riches, may submit a final bid that values the Glazer family’s ownership of Manchester United at roughly £5 billion ($6 billion). It would be more than the $4.65 billion that was paid for the NFL franchise, the Denver Broncos, by a consortium led by Rob Walton, an heir to Walmart Inc.
Sheikh Jassim has maintained a lower international profile than his father, nicknamed HBJ, who was also the former chairman of the Qatar Investment Authority as well as the owner of properties ranging from opulent London hotels to holdings in Deutsche Bank AG. We at Alley Sport are here to provide you with Is Manchester United owned by Qatar? The largest acquisition of a sports franchise has never occurred with a transaction of this size. Is Manchester United owned by Qatar? Read Ahead.
The 40-year-old has a long history of involvement in businesses with strong links to the government. Since he was under 20 years old, he has been on the committees of some of the biggest Qatari corporations, many of which symbolise the government’s strategic ambitions and depend on substantial investments from the government or its sovereign assets fund.
The second-largest lender in the nation and one of the major shariah-compliant banks in the area, Qatar Islamic Bank, appointed Sheikh Jassim as its chairman in 2005. Moreover, he has served on the management of Qatar Navigation since 2000. This organisation represents Qatar’s efforts to carry its liquefied natural gas, among other things. He joined the Credit Suisse Group AG board at the age of just under 30 and left in 2017.
He served as the family’s ambassador for his nation when its sovereign assets fund was acquired by the Swiss bank in the wake of the financial crisis. Around $200 million of the bank’s money that it managed with the bankrupt institution Greensill was invested by entities connected to Sheikh Jassim’s father.
HBJ became prime minister in 2010 when Qatar won its contentious bid for hosting the 2022 World Cup, therefore Sheikh Jassim’s family has a history of involvement in significant sporting agreements. The next family transaction that Sheikh Jassim must manage will be. Is Manchester United owned by Qatar? Read Ahead.
Since last year, the Manchester United executive co-chairmen and directors, Avram Glazer and Joel Glazer, of the US-based Glazer family, have been considering making a financial commitment to the team. Manchester United was acquired by the late Malcolm Glazer in a leveraged buyout in 2005, leaving the club with enormous debts. Since then, the Glazer family has been viewed with suspicion by die-hard fans.
This was lessened at the beginning of their management as the team proceeded to win championships under legendary manager Alex Ferguson, but anger has progressively developed after the manager’s departure in 2013. With access to the private financial information of Manchester United, bidders are anticipated to submit concrete proposals in the following weeks. According to one person with knowledge of the negotiations, Ratcliffe has made an offer to purchase the 69% of the club controlled by the Glazers, whereas Sheikh Jassim has made a bid for the entire company.
According to multiple news outlets, Sheikh Jassim will need to persuade both Manchester United and UEFA, the governing body of European football, that the source of his wealth is unrelated to Qatar Sports Investments’ Paris St. Germain, which is currently owned by those same clubs as well as Tottenham Hotspur and Liverpool FC. The government of Qatar has made it clear that QSI does not form a division of QIA, the organisation that now holds the largest stake in the Sheikh Jassim-led Qatar Islamic Bank.
If he is successful, Sheikh Jassim will undoubtedly run into opponents everywhere he goes. Manchester City is still the Premier League’s newest powerhouse, despite being criticised for its expenditures. Newcastle United, on the opposite side of England, is now enjoying a rebirth that is being sponsored by its most recent owners, the Saudi wealth fund. An English League Cup final between the two clubs is scheduled to take place on Sunday.
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