The deadline to buy Manchester United, the world’s most famous football team, is approaching and bidders are due to submit their initial offers to merchant bank Rhine Group on Friday. The Rhine Group is handling the sale of the soccer club and the Qatari investors are planning around $6 billion as their initial bid.
Qatar royals which include the country’s former prime minister and former head of state of Qatar Hamad bin Jassim bin Jaber Al Thani Investment Officials are reportedly giving final touches to their proposal, which they will present on Friday.
Any bid from Qatar could face competition from British billionaire Jim Ratcliffe, the only person to publicly confirm his intention to make a bid for Manchester United. However, rumors also indicate Elon Musk Also interested in the club and could make a surprise bid.
Qatar’s offer also has a technical angle as state-backed Qatar Sports Investments already owns French super-club Paris Saint-Germain FC and according to the rules of football’s governing body, UEFA, two teams with the same owner cannot compete. Can do in the region’s premier tournaments including the showpiece Champions League.
The American Glazer family bought Manchester United for $1.4 billion in 2005 and are expected to get a clearer idea on Friday of how much they will get after fierce bidding is expected closer to the deadline.
Shares of the soccer club were rising 5.9% in premarket trading on Friday after closing 9.7% higher in New York on Thursday. The club’s market value has reached $4.4 billion.
The deal for Manchester United has the potential to become the largest acquisition of a professional sports club in the world and is expected to surpass the $4.65 billion paid last year by a group led by Walmart Inc heir Rob Walton for the Denver Broncos NFL team. .
Manchester United is one of the biggest football clubs and has won a record 13 Premier League titles. Some of the biggest names in football have played for the club including Cristiano Ronaldo, Paul Pogba and Zlatan Ibrahimovic.
(with inputs from agencies)
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