Jassim bin Hamad Al Thani, chairman of Qatar Islamic Bank and son of Qatar’s former prime minister, has offered a staggering €6 billion to acquire Manchester United, which would be the most expensive purchase of a sports club in history. According to sources close to the negotiations, Sheikh Jassim submitted this offer in the second round of bidding that took place recently.
Representatives of Hamad Al Thani visited Old Trafford Stadium and the club’s training facilities last week and made an initial offer of €4.5 billion. Sheikh Jassim, who also intends to invest in a stadium and training facilities, is seeking to gain 100 percent control of ManU.
In addition to Jassim bin Hamad Al Thani’s bid, British billionaire businessman Jim Radcliffe has also expressed interest in acquiring a majority stake in Manchester United. Radcliffe, owner of INEOS petrochemicals, held talks with the club on March 17 and was seen greeting CEO Richard Arnold.
Offer from the United States
U.S. investment firm Elliott Management has also been in talks with the club to provide capital to take control or other financial options.
One billion euros for the new stadium
The second stage of the bidding and negotiation process included a detailed analysis of the club’s finances and meetings with key executives before submitting a new bid. The potential new owners of Manchester United could be looking at spending close to one billion euros on a new stadium.