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Qatar’s Sheikh Hamad bin Jassim bin Jaber Al Thani looks set to win the race to take over Manchester United after “successful talks,” and an official announcement is expected imminently, according to reports from Qatar.
Jassim, chairman of Qatar Islamic Bank and son of a former Qatari prime minister, has been competing with British billionaire Jim Ratcliffe and his petrochemicals company INEOS to buy the British soccer club. Jassim has made the bid through his Nine Two Foundation, which appears to be named after United’s famed 1992 team that won the club’s inaugural Premier League title.
For the last few weeks, INEOS has been reported to be the frontrunner in taking over the team. INEOS is understood to be offering to buy a 60% stake in the club, allowing current owners, the Glazer family, to hold onto a stake.
#إنفوجراف_الوطن..
تقارير صحفية,:
نجاح صفقة استحواذ الشيخ جاسم بن حمد بن جاسم على #مانشستر_يونايتد.. وإعلان الصفقة قريبا#جريدة_الوطن_القطرية #الدوحة #قطر pic.twitter.com/3ZEpxmbdYO— جريدة الوطن (@al_watanQatar) June 12, 2023
Jassim, meanwhile, is believed to be offering a full buyout of the club with no debt, offering the Glazers an exit from the team. The Qatari royal submitted his fifth and final offer for the club last week to swing the bidding back in his favor — which was reported by British press to be around 5.5 billion British pounds ($6.91 billion).
Al-Watan paper, which is owned by Jassim’s father, Sheikh Hamad bin Jassim bin Jaber Al Thani, reported late Sunday that the Qatari bid for the Red Devils had been successful. His father was prime minister of Qatar from April 2007 to June 2013.
The paper reported that following “successful” talks — an announcement of Jassim’s takeover will happen “soon.”
Qatari businessman Zaid Al Hamdan, who has close connections with Jassim’s family, tweeted his congratulations to Jassim, drawing the attention of many Manchester United fans online.
Congratulations to Shaikh Jassim Bin Hamad Bin Jassim on his acquisition of @ManUtd
نبارك للشيخ جاسم بن حمد على نجاح صفقة نادي مانشستر يونايتد#qatar #ManUnited #ManchesterUnited #QatarInAtManchesterUnited #SheikhJassimInAtManUtd pic.twitter.com/xQbA9hSect— Zaid Al-Hamdan (@zaidmalhamdan) June 12, 2023
Shares of Manchester United increased by 30% in pre-market trading on Tuesday morning following the reports of Jassim’s success.
However, there is yet to be an official announcement from either party.
Since the Glazers first announced that they were “exploring strategic alternatives” for the soccer club, including a potential takeover, there has been talk of a Middle Eastern buyout, as has been seen with other English Premier League clubs Newcastle and treble winners Manchester City.
The news first broke in February that Jassim had made a bid to buy Manchester United.
