Sheikh Jassim Improves bid for buying man Utd
Qatar Sheikh Jassim improves bid for buying man utd and Sir Jim Ratcliffe’s INEOS submitted their bids to buy the club on April 28. As the glazer family is not satisfied by their bids, they offered a renewed offer on May 17 by sheikh Jassim was Launched, the last one would clear £1bn worth of debt for Man Utd.
Both the big parties of bidding confirmed their initial offers in Feburary and tend to improve the bidding and made the fifth bid on this week to own Man Utd. This can be said to be the last bid as they will not engage in the process after Friday, but this will to be noted as Final Offer in late April.
On the previous month, the fourth offer is said to be as high as about £5bn, but it was not close enough to the expectation of Glazer family’s valuation around £6bn valuation, which was submitted to the Raine group, the New York based investment bank overseeing the sale of club.
The third and final round of bidding concluded on April 28 but, with reports last month claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has now moved again.
Sheikh Jassim believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly £1bn worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club’s Carrington training ground.
“Sheik Jassim is frustrated and fed up. This is a takeover process that has gone on for seven months – I think we’re all frustrated with it. Sheik Jassim has said this is it. It’s his fifth and final offer – take it or leave it. We understand the bid is £5bn with an extra billon to help fund the infrastructure, including players.
The Glazers have until Friday to take it or leave it Sheik Jassim is a cash buyer, he’s ready to go. Sir Jim Radcliffe’s bid is a phased takeover, according to the Financial Times. That means he’d have 51 per cent now and the Glazers would be involved for a few more years. That would be good news for the bankers who have been making money out of Manchester United over the last 17 years.
INEOS values for bidding Man Utd
INEOS values United at a higher price than Sheik Jassim’s bid but it is not for the whole club and would give the Glazers the opportunity to keep a 20 per cent stake. United’s share price closed down to $18.80 on the NYSE in May, giving the club a market cap of $3.09 billion (£2.47 billion). Glazers split sales of the club to Sheikh Jassim and Jim Ratcliffe.
The 70-year-old Manchester-born businessman is one of the richest people in Britain, with an estimated personal wealth of approximately £6bn. A boyhood United fan who grew up on a council estate, he founded the chemicals firm INEOS in 1998 and oversaw its growth to become a company now worth an estimated £50bn.
His interest in sport has become well-known in recent years. He owns French Ligue 1 side Nice and Swiss Super League outfit FC Lausanne-Sport, as well as the cycling team Ineos Grenadiers. Last year he submitted a bid to buy Chelsea, where he once held a season ticket, but ultimately lost out to the American Todd Boehly.
Sheikh Jassim Bin Hamad Al Thani value for Man
The Qatari sheikh is the chairman of Qatar Islamic Bank, one of his country’s biggest banks. His father Hamad Bin Jassim Bin Jaber Al Thani is a former prime minister of the Middle East state. There is relatively little information about him in the public domain, but it is known he attended boarding school in the UK and went on to the Royal Military Academy at Sandhurst, during which time he apparently fell in love with United.
Amid potential controversy about state ownership of clubs, Sheikh Jassim was clear when announcing his bid that his interest was a private initiative through his Nine Two Foundation. He hopes to take 100 per cent control of the club and has vowed, if he does so, to wipe all debts and invest considerably in the club and its infrastructure and support local communities.