Qatari Banker Sheikh Jassim’s monumental last offer

By Ed Emeanua

Qatari and British billionaires, Sheikh Jassim bin Hamad Al Thani and Jim Ratcliffe made their third and last bids to acquire Manchester United on Friday-a monumental $6.2 billion deal-reports claim.

Sheikh Hamad Al Thani and Sir Ratcliffe tendered revised offers of their two earlier bids for the English Premier League (EPL) giants yesterday. The Billionaires are embroiled in a bidding war following their emergence as the leading competitors to purchase the EPL side from current owners, the Glazer family.

The Glazers, owners of the club since 2005, must now make a crucial choice whether to sell all 69 per cent shareholding of the club or become a minority investor in the business.

Friday’s cutoff point for the third round of bids was put in place at 10pm UK (5pm ET), with the two primary groups and the bulk of collective bidders-Sheikh Jassim and Ratcliffe-tendering their deals to Raine Group before the deadline. Whereas Sheikh Jassim’s newest deal is said to be above £5 billion ($6.2 billion), the scale of Ratcliffe’s revised offer is yet to be disclosed at the close of Friday’s deadline for the third round of bidding at 2100 GMT.

Reports claim that Sheikh Jassim’s offer for total control of Manchester United includes the commitment of noteworthy supplemental provision for transfers and infrastructure. The investment would involve either demolishing the club’s archaic Old Trafford stadium or erect a new one, in line with with modernizing the club’s practice amenities.

Sheikh Jassim’s offer also commits to payoff the club’s $620 million debt. INEOS chemical company owner Ratcliffe, a boyhood Old Trafford fan who fell short in his effort to purchase Chelsea last year, intends to buy a managing holdup in United worth over 50 percent, according to reports.

This proposal allows United’s executive co-chairmen Joel and Avram Glazer to continue as owners with a 20 percent investment, which troubles a section of United’s fanbase who are fatigued by the Americans’ controversial rule. The Glazers reports say, demand a world record £6 billion payment for United before agreeing to let go their ownership of the club, heightening the likelihood they may not welcome either Sheikh Jassim’s deal or Ratcliffe’s proposal.

Very unpopular among United’s fans from the time they yoked down United with debt in a £790 million leveraged ownership in 2005, the Glazers seemed prepared to offload their investment at a huge profit when they initially opened the door to outside investors in November.

But, Elliot Investment Management and The Carlyle Group are among the special equity firms in the market for a minority stake that could allow the Glazers to keep their control and provide the money for investment in the club’s infrastructure.

Avram and Joel Glazer are said to be keen to hold on to their investments in Old Trafford, but siblings and codirectors Kevin, Bryan and Edward Glazer and Darcie Glazer Kassewitz are open to selling their claims.

Sheikh Jassim’s third bid through his Nine Two Foundation is reported to be more than £5billion ($6.3bn) and will give him total ownership of United. Sources close to the Qatari Banker claim it will also be his final bid and, if it sails through, it would be a world-record amount paid for a sporting charter, shading the $4.65billion (£3.7bn) paid by the Walton-Penner family for the Denver Broncos in the NFL in August.

Sheikh Jassim, the Qatari royal who is the son of the former prime minister and chairman of QIB (Qatar Islamic Bank), is reported to be a lifelong Manchester United fan.