According to the latest media reports, a consortium of investors from Qatar is preparing to submit an offer to acquire Manchester United Plc. People who know the latest developments told media agencies that the investors would probably submit their bids by the end of the week, near the bidding deadline.
Manchester United Plc is the owner of the Manchester United Football Club of the English Premier League. Manchester United Plc which is a publicly listed company on New York Stock Exchange is currently owned by the renowned Glazer Family. In November 2022, Glazer Family reportedly decided to sell their stake in the Premier League football club.
Raine Group, a New York-based merchant bank that is advising Glazer Family on the sale has set February 17, 2023, as the deadline for submitting bids. Even though the US-based Glazer family is reportedly expecting to receive 6 billion dollars as part of the share sale, several reports suggest that 4.5 billion dollars could be enough to complete the deal.
Manchester United ranks as the world’s third-richest football club, valued at approximately £3.7 billion as of May 2022, according to the Forbes rich list. Only Real Madrid and Barcelona exceed their valuation.
Qatari investors have reportedly received permission from Sheikh Tamim bin Hamad Al Thani emir of Qatar to go ahead with the bidding process. Qatar investment fund, the covering fund of the kingdom, and various other local family offices are also helping the consortium of investors in submitting the bids.
The expected price of £4.5bn for Manchester United FC would make the team the world’s most valuable sports franchise, surpassing last year’s purchase of NFL team the Denver Broncos for £3.7bn.
Other big shots who are interested in buying Man U
Several prominent figures have expressed interest in acquiring ownership of the largest club in the Premier League before the deadline, including Twitter owner Elon Musk. Elon Musk in August 2022 tweeted “Also, I’m buying Manchester United ur welcome,” Later Musk played down his comment by posting an update that read: “Although, if it were any team, it would be Man U. They were my fav team as a kid.”
In addition, Britain’s wealthiest individual, Sir Jim Ratcliffe, who already owns Ligue 1 team OGC Nice, has confirmed his intention to submit a bid. Ratcliffe, who is a lifelong supporter of Manchester United, revealed his plans last month.