Manchester United Soars with 10% Share Rise as Qataris Hold Out for Exclusivity Deal
Manchester United's shares have surged by 10%, however, Qataris are still waiting to hear if their bid for the club has been accepted Sheikh Jassim has made five bids to buy the club, with sources saying he's waiting for exclusivity The Glazer family has reportedly asked PSG's president to help increase their own bid The UK press is closely following developments
Following a report from Reuters stating that Manchester United may grant exclusivity to Sheikh Jassim, the club's share price saw a nearly 10 per cent increase on Thursday. The Qatari banker has made numerous attempts to purchase the club, with the most recent bid valuing United at a potential £6bn.
Sources close to Sheikh Jassim say he is still waiting to hear if he has entered into exclusivity.
No exclusivity has been granted to any party interested in buying or investing in the club.
According to Reuters, the Glazer family is reportedly favoring Sheikh Jassim's bid over the offer made by British billionaire Jim Ratcliffe. The Sheikh's proposal entails a debt-free purchase of the entire club, while Ratcliffe's offer involves acquiring the 69% stake owned by the Glazer family in a staged takeover.
The incorporation of United - Nine Two UK Holdings Limited at Companies House on Thursday marks the official beginning of Sheikh Jassim's plan to acquire Man Utd. However, the process for this acquisition would have already commenced weeks prior. Man Utd is highly coveted in the sports industry, and a $6bn deal would make it one of the largest sports deals to date. This transaction would follow the recent sale of the National Football League's Washington Commanders, which was similarly valued.
United are the fourth-richest football club in the world, according to analysis by Deloitte.
Glazer family asked PSG president to help increase bid
The United's owners recently met with PSG president Nasser Al-Khelaifi in hopes of persuading Sheikh Jassim to increase his bid for the club. It was reported that the Glazers are seeking £6bn and while Sheikh Jassim has already submitted a fifth and improved bid, which is believed to be his final offer, it falls short at approximately £5bn.
According to The Athletic's report on Friday, Al-Khelaifi has been actively involved in the Qatari royal family's efforts to acquire the club from the Glazer family. Additionally, he is said to have held discussions with the Raine Group regarding the potential takeover.
According to sources, Al-Khelaifi has been approached by Sheikh Jassim for advice on his bid for Manchester United. The Sheikh is confident that his bid is highly competitive and would bring significant advantages to the club, such as the clearance of almost £1bn in debt, as well as a dedicated fund for the redevelopment of Old Trafford, the surrounding area, and the club's Carrington training ground.
What the UK press say
Despite INEOS valuing United at a higher price than Sheik Jassim's bid, their offer only covers a portion of the club and would allow the Glazers to retain a 20% stake. As of May, United's market capitalization stood at £2.47bn ($3.09bn) with the club's share price closing at $18.80 on the NYSE.The Qataris prioritize prestige above all else, and winning this race is of utmost importance to them. Their commitment to the bid is so strong that they refuse to be seen as defeated, hence the emergence of a new bid that is focused on price.
Ownership of Manchester United by Jim Ratcliffe in the form of a share would not be well-received by the club's fans. The sentiment is that it is time for the Glazers to make a decision and move forward, as expressed by Kaveh Solhekol's commentary. It remains to be seen whether the Glazers will choose to maintain their current position or take action in the near future.
My friend who supports Manchester United was my go-to person to ask about the choice between Qatar and Sir Jim Ratcliffe. Without hesitation, he chose the Sheikh as he believed it would mean complete ownership. The Glazer family's ownership has left Manchester United fans feeling frustrated and exhausted, and they are eager for change.
