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Rabat – Qatari investors are putting together a $6 billion bid to compete for the ownership rights of English football giants Manchester United, as the deadline to submit bids draws closer.
The club, currently owned by the American Glazer family, is expecting a fierce bidding war as it is one of the biggest, most successful, and most valuable clubs in world sport.
A consortium of Qatari investors, including ex-head of the Qatar Investment Authority Hamad bin Jassim bin Jaber al-Thani, are reportedly putting the final touches on the opening bid.
QIA is expected to face competition from British billionaire Jim Ratcliffe, who is a long time fan of the club and has already lined up financing from financial institutions for his bid.
Other reports suggest that Saudi investors are also looking to place a bid on the club. Meanwhile, another businessman reportedly interested in the club is Tesla founder and CEO Elon Musk.
Another hurdle that QIA’s bid is expected to face is regulatory, as Qatar Sports Investment, a separate state-backed entity, already owns the French club Paris Saint-Germain.
UEFA, the governing body of European football, stipulates that two teams with the same majority owner cannot compete in the organization’s major tournaments, including the Champions League, the biggest and most prestigious club competition in world football.
Manchester United, nicknamed the Red Devils by football fans, was founded in 1878 as Newton Heath, making it one of the oldest and most prestigious active football clubs.
The team has won a total of 66 major trophies, including a record 20 league titles and three Champions League trophies.
With one of the biggest and most diverse global fanbases in football, the club is also expected to generate massive returns on investment through its merchandising and commercial operations.
The club had the fourth largest revenue in world football in 2022, with nearly $700 million in revenue, ahead of the likes of Chelsea, Paris Saint-Germain, and FC Barcelona.
