(Above) The son of former Qatar Prime Minister bid for Manchester United
2023-02-18 12:13
Sheikh Jassim bin Hamad Al Thani, the son of Qatar's former prime minister, launched a bid on Friday to buy Premier League football club Manchester United, whose American owners launched a formal sale process late last year .
The Manchester United deal is expected to break records for the sale of a sports business. Reuters previously reported that the club's current majority shareholders, the Glazer family, were seeking a valuation of up to £ 7bn ( $ 8.42bn ).
The record 20 -time British champion has more than 650 million followers worldwide , according to market research firm Kantar .
Sheikh Jassim bin Hamad Al Thani is the son of Hamad bin Jassim bin Jaber Al Thani , one of the wealthiest men in the Gulf states .
The bid will be entirely debt-free through Sheikh Jassim's Ninety Two Foundation, which will invest in football teams, training centres, stadiums and wider infrastructure.
Sheikh Hamad is the owner of PSG
Sheikh Hamad is the owner of PSG and it is unclear how the Qatari bid will be structured.
The Qatari state investor, which owns a stake in French champions Paris Saint-Germain, could face a challenge to buy Manchester United because rules prohibit two clubs with the same owner from competing in the lucrative Champions League.
Buyers have been asked to submit bid amounts and proof of funds before investment bank Raine Group , which is running the sale process , will draw up a shortlist.
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