Qatari investors interested in a full takeover of Manchester United led by Sheikh Jassim bin Hamad bin Jaber Al Thani have received a major boost in their efforts as a Saudi-backed bid has failed to be tabled to the Raine Group, a new report claims.
On Friday, Al Thani confirmed in a statement that his Nine Two organization had submitted their proposal to take over the reins at Old Trafford.
Al Thani’s statement contained a commitment to pumping significant funds into squad improvement of both the men’s and women’s teams as well as the youth set-up.
Al Thani also promised to undertake a revamp of Old Trafford and the club’s infrastructure.
The Daily Mail’s Mike Keegan reports that the Qataris are confident of their offer being successful and have been buoyed by the failure of Riyadh to confirm their participation in the bidding process for the Red Devils.
The Peoples Person reported a few days ago that Qatari investors were wary of a bid originating from Saudi Arabia.
Keegan relays, “There has been no Saudi-backed move for Manchester United, in a major boost for the chances of the Qatari bid for the club.”
“Despite parties from the middle east country expressing an initial interest and accessing financial data, no offer has been forthcoming.”
“It is thought that, while the opportunity was looked at, the recent Saudi-based takeover of Newcastle United – and the conflict of interest that would have generated – made the situation unpalatable.”
Al Thani’s main rival in taking control at United is still Sir Jim Ratcliffe.
The INEOS billionaire also confirmed that he sent his bid. Ratcliffe’s statement read that he wants to put “Manchester back into Manchester United.”
Ratcliffe’s bid is supported by Goldman Sachs and JP Morgan after the British businessman retained the services of both investment firms to avail himself of debt financing.