Sunday, July 14, 2024

A big boost to Qatar’s offer to buy the “Red Devils”.

Date:

Manchester United is considering giving exclusive negotiating rights to a group led by Qatari Sheikh Jassim bin Hamad Al Thani to buy the English Premier League club for more than $6 billion, sources familiar with the matter told Reuters on Thursday.

Members of the Glazer family, who hold a minority stake in the club but control it because of the dual-class share structure, will sell their shares as part of the proposed deal, a source said.

Compared to British billionaire Jim Radcliffe’s offer, the Qatari offer currently favors the Glazer family, which would allow its members to retain some interest in the club.

Manchester United is seen as one of the most valuable sporting assets. If sold for $6 billion, it would become one of the largest sports deals ever, following in the footsteps of the NFL’s Washington Commanders, which were sold this year.

The club’s shares rose around 15 percent after the report, before paring some gains.

During the agreed exclusivity period, Manchester United cannot negotiate with any other party other than Sheikh Jassim. The length of time is not specified. The sources said the situation was not yet resolved and Radcliffe’s new offer could prevent exclusive talks with Sheikh Jassim.

The sources requested anonymity to protect the confidentiality of the matter. Representatives for Manchester United and Sheikh Jassim could not be reached for comment.

According to Deloitte, United are the fourth richest football club in the world.

Camelia Garner
Camelia Garner
"Explorer. Problem solver. Certified reader. Incurable web expert. Subtly charming travel guru. General student. Twitter evangelist."

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