Glaziers take big step towards selling Manchester United to Qatar Sheikh
Sheikh Jassim bin Hamad al-Thani could be granted exclusive negotiating rights for the sale of Glazers’ Man United, which would put him in pole position to take control of the legendary club.
Manchester United fans came one step closer to realizing their long held dream of #Glazer’sOut on Thursday. Reuters exclusively reported that the Premier League soccer club and its family, which has held the majority stake since 2005, are discussing an exclusive negotiation window for a possible sale with Sheikh Jaѕsim bin Hamad al-Thani of Qatar. If completed, the deal is expected to be worth more than $6 billion, giving it the potential to become the most expensive team sale in professional sports history.
Although this exclusivity has not been confirmed at this time, such a move would make the 44-year-old Qatari billionaire a truly unaffordable favorite in the race to buy one of the most valuable teams in global esports. Among the long-standing rumors of Manchester United being sold, one long-discussed candidate was Jim Ratcliffe, chairman and chief executive of London-based chemical company INEOS Group Limited. Reuters reports that his proposed takeover is currently unpopular as he intended the Glazer family to retain a stake in the club, while Sheikh Jassim’s offer is believed to buy them out entirely with his own funds.
Who is Sheikh Jaѕѕim bin Hamad al-Thani of Qatar?
Sheikh Jasim, a leading member of the House of Thani that rules Qatar, is the son of Hamad bin Khalifa al-Thani, who served as the country’s emir — think “head of state,” but with more than a hint of monarchy – from 1995 to 2013 before stepping down from the role. Though previously the heir to the throne, Jaѕѕim stepped away from the line of success in 2003. The Glazer family took over Manchester United, usually recognized as the world’s most popular sports team, in 2005 when Malcolm Glazer bought nearly 30% of the organization for a total valuation of around $1.5 billion. During their tenure, the club won five Premier League titles, one FA Cup, one EFL Cup and one UEFA Champions League.
Today, the “Red Devils” are estimated to be worth about $6 billion, but because such a significant portion of the Glazers’ buying capital was borrowed, they incurred significant debt over the next year.
Backed by an oil-backed powerhouse in the form of the sovereign Qatar Investment Authority and its arm Qatar Sports Investments (QSi) – which also owns French champions Paris Saint-Germain and sports television company beIN Media Group – Sheikh Jasim he will have problem.
Boy-oh-boy he never will. Whether Manchester United fans will ultimately see his arrival as a victory, well, that’s a much more uncomfortable question that we won’t try to answer on our own.