Qatari Sheikh Beats British Billionaire in Manchester United Takeover Battle

Newsflash Nigeria StaffJune 13, 2023

2 minutes read

Manchester United, one of the most successful and popular football clubs in the world, is set to have a new owner. According to a report by Al-Watan, a Qatari news site, Sheikh Jassim bin Hamad Al Thani has emerged victorious in a fierce bidding war with Sir Jim Ratcliffe, a British industrialist and a lifelong fan of the club.

Sheikh Jassim, who is the chairman of Qatar Islamic Bank and a member of the royal family, has reportedly offered £5 billion to buy 100 percent of the club from the Glazer family, who have owned it since 2005. The deal would also include paying off the club’s £1 billion debt and creating a fund for the club and its community.

The Qatari Sheikh had submitted his fifth and final offer on June 7, after facing stiff competition from Ratcliffe, who is the chief executive of Ineos group and the richest person in Britain. Ratcliffe had proposed to buy 60 percent of the club for an undisclosed amount, with an option for the Glazers to stay on for a transitional period before selling their remaining stake.

The Glazers had initially valued the club at £6 billion when they put it up for sale, but they have apparently accepted Sheikh Jassim’s offer as their preferred bid. Al-Watan claimed on Twitter that Sheikh Jassim’s takeover bid was a “success” and that an official announcement was imminent.

The news of the impending change of ownership will be welcomed by many Manchester United fans, who have been unhappy with the Glazers’ management of the club. The fans have accused the Glazers of saddling the club with debt, neglecting its infrastructure and failing to invest in its squad.

Manchester United have not won the Premier League title since 2013 and have struggled to compete with their domestic and European rivals in recent years. The club finished second in the league last season, but were 12 points behind champions Manchester City.

Sheikh Jassim’s takeover could signal a new era for Manchester United, as he is expected to inject fresh funds and ambition into the club. The Qatari Sheikh is also known for his passion for football and his involvement in Qatar’s successful bid to host the 2022 FIFA World Cup.

However, the takeover could also face some challenges and controversies, as Qatar has been accused of human rights violations and corruption in relation to its World Cup preparations. Some critics have also questioned Qatar’s motives and influence in buying prominent football clubs around the world.

Sheikh Jassim’s takeover of Manchester United would make him the third Qatari owner of a major European club, after Paris Saint-Germain and Malaga. He would also join a growing list of Middle Eastern investors who have taken over English clubs, such as Manchester City, Arsenal and Newcastle United.