The Qatari group interested in buying English club side Manchester United have offered a “take it or leave it” final offer to buy the club for $6.5b and would walk away from the deal if their offer is not accepted by the Glazers family by Friday.
English businessman, Sir Jim Ratcliffe, and his petrochemicals firm, Ineos as well as the Qatari Group have been the major suitors since last December. Recently, the former emerged favorite to secure the deal having entered the final stage of negotiations with the Glazer family as well as the American Bank handling the sale of the club, Raine.
This action led the Qatari Group led by Sheikh Jassim bin Hamad al-Thani, the head of one of Qatar’s largest banks and the son of one of the country’s wealthiest people to submit an improved offer of £5 billion which comes after the April 28 deadline. That bid was meant to be his final offer to buy the club.
Sheikh Jassim bin Hamad al-Thani has now sent another improved offer perhaps sensing that he might have lost the deal to Sir Jim Ratcliffe who according to reports early this week is already in pole position to buy the club. Sheikh Jassim bin Hamad al-Thani’snew offer was sent directly to the Glazers and Raine Bank and they expect feedback latest Friday or he pulls out.
As part of the Qatari Group’s commitment to improving the club’s infrastructure, there is a pledge of £1 billion to that effect. The Qataris’ offer is to take 100% control of the club.
Before the latest offer from the Qatari group, Sir Jim Ratcliffe appeared to have hit the bull’s eye as regards securing the purchase of Manchester United after he got two of the Glazer siblings, United co-chairmen Joel and Avram to retain their stakes at the club while still surrendering their country. It also seems that all six Glazer siblings might want to retain their shareholding as an investment at the club.