Qatari investors are preparing a $6 billion (£5 billion) opening bid for Manchester United Plc, Bloomberg reported, citing sources with knowledge of the matter.
The consortium, led by the former Prime Minister Hamad bin Jassim bin Jaber Al Thani and backed by the Qatar Investment Authority (QIA), is said to be putting the finishing touches on a proposal to acquire the Premier League club from the US-based Glazer family.
This deal could be the biggest takeover of a professional sports club on record, the report said, potentially surpassing the $4.65 billion paid last year by a group led by Walmart Inc. heir Rob Walton for the Denver Broncos NFL team.
The Qatari bid is likely to face competition from British billionaire Jim Ratcliffe, who has already lined up financing for his own bid.
The Glazer family, who own Manchester United, have been the subject of takeover speculation since Bloomberg reported in the summer that they were open to selling a stake. New York bank Raine Group is advising the Glazers.
Manchester United has won a record 13 Premier League titles and has been able to attract some of the biggest stars in the game, including Cristiano Ronaldo and Paul Pogba.
However, in recent years, the club’s dominance of English football has been challenged by crosstown rivals Manchester City, who have won multiple honors since being taken over by Abu Dhabi investors in 2008, the report added.
A potential Qatari bid could be complicated by the fact that Qatar Sports Investments, a state-backed entity that’s separate to QIA, already owns French super-club Paris Saint-Germain (PSG).
UEFA regulations state that teams with the same majority owner can’t both compete in the region’s major tournaments, including the Champions League.
As deliberations are ongoing, it remains to be seen whether Qatar’s bid will be successful, but it is clear that Manchester United is a highly sought-after club, with potential suitors from the world over.
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