Qatar’s Sheikh Jassim bin Hamad Al Thani could be overpaying for Manchester United by up to 2.5 billion pounds ($3.16 billion) if his proposed takeover of the British soccer club is finalized.
Sheikh Jassim, a Qatari banker and son of a former Qatari prime minister, is favorite to acquire the Red Devils, after reports emerged Thursday that the offer by the main rival bidder — British billionaire and CEO of chemicals company INEOS Jim Ratcliffe — was “dead in the water.”
Manchester United owners the Glazer family said in November that they were exploring “strategic alternatives” for the club, which included a takeover. The American proprietors have become less popular with some of the fans due what they say is mismanaging the club’s finances and not well-maintaining the club’s Old Trafford home stadium.
The Qatari royal is understood to be offering a full buyout of Manchester United, debt free, for 5.5 million pounds ($6.95 million) that will see the Glazers leave, The Mirror reported Friday. But the English Premier League club is actually worth between 3 billion pounds ($3.8 billion) and 3.4 billion pounds ($4.3 billion), according to the paper. Around 1 billion pounds ($1.3 billion) of the 5.5 billion pounds is supposedly to clear the debts accrued by the Glazers and invest in local soccer-based projects in the community.
