Sheikh Jassim Bin Hamad Al Thani has submitted an increased fourth bid to buy English Premier League club, Manchester United.
Sheikh Jassim’s renewed offer, believed to be close to £5bn but shy of the Glazer family’s £6bn valuation, was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club, on Wednesday.
The third and final round of bidding concluded on April 28 but, with reports last week claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has 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.
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 on Tuesday, giving the club a market cap of $3.09 billion (£2.47 billion).
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