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Business News/ Sports / Football News/  Qatar's Sheikh Jassim submits his fifth bid for Manchester United amid competition with Jim Ratcliffe

Qatar's Sheikh Jassim bin Hamad al-Thani has submitted his fifth and final bid for the football club Manchester United, a Bloomberg news report said on Wednesday. Sheikh Jassim has made it clear that he will not launch any further bids for Manchester United after Friday.

A person familiar with the matter said that Sheikh Jassim wants the deal closed before the player transfer window opens. The value of the bid is not revealed, but it was for the 100% shares of the football club.

This is not the first time Qatar's Sheikh Jassim has called his fresh bid a “final" bid. In April, he submitted his third bid and called it the final bid, but, soon in May, the Sheikh submitted his fourth bid. The reports suggest that the bid was worth around $5.3 billion.

Jim Ratcliffe, the CEO of Ineos, is Sheikh Jassim's primary competitor in the battle for buying the Premier Leauge Football Club. Ratcliffe has made an offer to acquire the majority of the team's shares. When approached for a comment, a representative for Ratcliffe's bid refused to provide any statement. Similarly, Sheikh Jassim's spokesperson also refrained from commenting on the matter.

Strategic alternatives

Manchester United announced in November its plans to undertake strategic alternatives to enhance the club's growth. The football club made it clear that a full sale of the franchise was on the table.

“Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors (the “Board") is commencing a process to explore strategic alternatives for the club," the club said in a statement.

As of March, Manchester United's financial records indicated a total debt of £969.6m. This debt was comprised of a combination of gross debt, bank loans, and unpaid transfer fees along with their respective payments.

The Glazer family bought Manchester United for £790m in 2005.

(With agency inputs)

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Updated: 07 Jun 2023, 07:37 PM IST
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