Manchester United, the storied English football club, is in active discussions to sell itself to a consortium led by Qatari Sheikh Jassim bin Hamad al-Thani, with a whopping price tag exceeding $6 billion, insiders reported on Thursday, according to Reuters. The football club is reportedly considering giving exclusive negotiation rights to Sheikh Jassim's consortium, sidelining other potential bidders for the time being.
The Glazer family, which currently retains control of Manchester United through a dual-class share structure, despite holding minority stakes, could see a substantial payday with this proposed transaction, one source disclosed.
According to the report, insiders revealed that the Qatari proposal is held in higher regard by the Glazers than the competing offer from British billionaire and founder of chemicals firm INEOS, Jim Ratcliffe. In contrast to Ratcliffe's proposal, which envisages the Glazers retaining a stake in Manchester United, the Qatari bid implies a complete buyout.
With Manchester United recognized globally as one of the most valuable properties in sports, this $6 billion deal could rank among the most significant sports transactions ever made. It echoes the sale of the National Football League's Washington Commanders, which took place earlier this year.
Following these revelations, Manchester United's share price experienced a nearly 15% surge before somewhat stabilizing.
In the proposed exclusivity agreement, Manchester United would only engage in negotiation talks with Sheikh Jassim's consortium, putting a halt to discussions with other interested parties. The duration of this exclusivity period remains undisclosed. However, sources warn that the situation is still in flux and a revised bid from Ratcliffe could still jeopardize Sheikh Jassim's exclusivity prospects.
Given the confidential nature of the matter, the sources sought anonymity, and neither Manchester United's representatives nor Sheikh Jassim's camp responded immediately to requests for comment.
Manchester United is ranked as the fourth wealthiest football club globally, per analysis conducted by Deloitte. The potential transition to Qatari ownership could herald a new era for the club and the world of sports investments.
