Qatari consortium ready to overpay with second bid to buy Manchester United from Glazers
The NINE TWO Foundation, a Qatari consortium led by Sheikh Jassim Bin Hamad Al Thani, is willing to overpay to assume full ownership of Manchester United, according to Sky Sports.
It emerged in November last year that the Glazers had put the Red Devils up for sale. The family are now set to leave Old Trafford after being fully owned by the club for around 18 years.
Qatari banker Sheikh Jassim Bin Hamad Al Thani has quickly established himself as one of Manchester United’s top takeover candidates. A consortium led by him launched a foundation called NINE TWO, said to be a reference to the club’s 92′ class, for the same purpose.
It was confirmed last month that the NINE TWO Foundation had submitted an official bid to hold Old Trafford. According to reports, the initial bid from the consortium was £4 billion.
The Glazers, however, believe the Premier League giants are worth at least £6billion. Their valuation had raised doubts about the proposed takeover of the club by Sheikh Jassim.
It has been claimed that the Qatari consortium won’t overpay despite their strong interest in buying the Red Devils. However, they appear to have softened their stance after visiting the club in midweek.
Sheikh Jassim sent a delegation on behalf of the NINE TWO Foundation to Old Trafford on Thursday March 16. After the meetings, they are now considering making a second offer for the club.
According to the aforementioned source, NINE TWO are now ready to pay more than the odds to buy Manchester United. They are expected to table an offer closer to the Glazers’ valuation of £6billion next week.
Sheikh Jassim hopes such an offer will be enough to convince the Glazers to sanction the sale of the club.
Jim Ratcliffe remains in the running to buy Manchester United
Apart from the Qatari consortium, Sir Jim Ratcliffe also submitted a bid for Manchester United last month. In fact, the INEOS Group owner was the first to publicly announce a bid for the club.
Like NINE TWO, INEOS also visited the Red Devils to meet club management this week. Ratcliffe reportedly spent six hours at Old Trafford on Friday March 17.
Although the Briton’s initial fee is undisclosed, it appears to be below the Glazers’ £6billion valuation. INEOS is, however, considering returning with an improved offer next week. It remains to be seen who will emerge victorious in the race to buy the Premier League giants.