The chairman of Qatar Islamic Bank (QIB) has submitted a bid for 100% management of Manchester United.
Sheikh Jassim Bin Hamad Al Thani submitted the primary formal bid for the Premier League membership, it’s understood.
Manchester United’s present house owners, the Glazer household, had set a deadline of 10pm on Friday night time.
In a press release launched tonight, Sheikh Jassim “confirmed a submission for a bid for 100% of Manchester United Football Club”.
The assertion added: “The bid plans to return the club to its former glories both on and off the pitch, and above all will seek to put fans at the heart of the football club once more.”
“The bid will be 100% debt-free, via Sheikh Jassim’s 92 Foundation which will look to invest in the football teams, the training centre, the stadium and the wider infrastructure.”
The 92 Foundation is a brand new monetary entity set as much as privately fund the bid.
Sheikh Jassim, whose father Hamad bin Jassim bin Jaber Al Thani is a former prime minister of Qatar, was educated in Britain at Sandhurst army academy, he graduated as an officer cadet and has been chairman at QIB, in addition to having roles at different golf equipment. Born in 1982, Sheikh Jassim says he has been a lifelong Manchester United fan.
The Glazer household, who took over the membership in 2005 and who’re extensively disliked by followers, introduced in November that they might put Manchester United up on the market.
There are believed to be 4 severe bidders in for the membership: Sheikh Jassim; Sir Jim Radcliffe, the billionaire proprietor of the INEOS group; a bid from the US; and a bid from Saudi Arabia. The bids from Saudi Arabia are anticipated to be the one ones that might not depend on borrowed cash.
There have been stories that Elon Musk, one of many world’s richest males and a fan of the membership, could possibly be contemplating a bid, having joked previously on Twitter that he was fascinated by shopping for it.
The Raine Group funding group based mostly in New York is advertising and marketing the membership’s sale and can be making certain that any bids for the membership are backed by strong monetary foundations. The 10pm deadline is regarded as a gentle deadline, that means that bids might already be in from some other bidders.
If the QIB bid is profitable Manchester United would develop into the third Premier League membership to have Gulf house owners, becoming a member of Manchester City (UAE) and Newcastle (Saudi Arabia). In France, Paris St Germain are owned by the Qatari sovereign wealth fund.
Source: information.sky.com”