Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, on Friday launched a bid to buy Premier League soccer club Manchester United, whose American owners launched a formal sale process late last year.
However, Qatari state investors, who own a stake in French champions Paris Saint-Germain, could face challenges structuring a takeover of Manchester United, as rules forbid two clubs with the same owner taking part in the lucrative Champions League.Suitors have been asked to submit a bid amount and proof of funds after which Raine Group, the investment bank running the sale process, will draw up a shortlist.
British billionaire Jim Ratcliffe, a life-long United fan and founder of chemicals firm INEOS, is another likely bidder, along with U.S. private equity firms, sources have told Reuters.On Thursday, the Daily Telegraph reported that Saudi Arabia has also submitted a bid for United. A deal for Manchester United will likely exceed the biggest sports deal so far, which was the $5.2 billion - including debt and investments - paid for their London-based Premier League rivals Chelsea, sources told Reuters previously.. They are widely seen as one of the most prized assets in all of sport.
The Glazers bought United for 790 million pounds in 2005 as part of a highly-leveraged deal. The club has said it expects to generate up to 610 million pounds of revenues in its 2023 fiscal year and adjusted earnings before interest, tax, depreciation and amortisation of up to 140 million pounds., while Tottenham Hotspur are expected to receive a bid worth $3.75 billion from Iranian-American billionaire Jahm Najafi, Reuters has reported.
Reporting by Anirban Sen in New York; additional reporting by Anita Kobylinska in Gdansk; Editing by Ken Ferris
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Potential buyers of Manchester United crunching the numbersAfter missing out on Chelsea last year, British businessman Martin Broughton knows how potential buyers will be feeling ahead of Friday’s deadline to submit bids for Manchester United.
Read more »
Barcelona vs Manchester United live stream: Watch for FREE | Digital TrendsBarcelona vs Manchester United is sure to be a great Europa League match. Here's how to watch it online for free.
Read more »
Potential buyers of Manchester United crunching the numbersMANCHESTER, England (AP) — After missing out on Chelsea last year, British businessman Martin Broughton knows how potential buyers will be feeling ahead of Friday’s deadline to submit bids for Manchester United .
Read more »
Saudi Arabia enters race for Manchester United - TelegraphSaudi Arabia has submitted a bid for British soccer club Manchester United PLC ahead of Friday's deadline, the Telegraph reported on Thursday.
Read more »
Shares of Manchester United jump 10% amid reported Saudi buyout bidShares of Premier League club Manchester United rose sharply Thursday ahead of the deadline for takeover bids and reported interest from Saudi Arabia.
Read more »
Gold Price Forecast: XAU/USD pokes monthly low amid strong United States Treasury bond yieldsGold price (XAU/USD) remains depressed around $1,835 after posting the biggest daily fall in two weeks around the 1.5-month low. That said, the yellow
Read more »