- Manchester United plc MANU is reportedly set to receive a mega-money takeover offer from Qatari investors, who would hand Erik ten Hag a massive transfer war chest if they complete a deal to buy the club.
- According to the Daily Mail, a group of private, high-wealth individuals in Qatar wants to buy United as they view the club as 'football's crown jewels.'
- "There are significant funds available," sources told the publication. "These people are serious. The report added that they want to make sure that United is where it should be, and they are confident theirs will be the strongest bid.
- If the Qatari investors are successful in their bid, they could easily fund either the development of Old Trafford or a new state-of-the-art facility if they decide to knock down the team's current home. The project could cost more than £2 billion.
- The Qataris might face a challenge from Jim Ratcliffe, Britain's richest man. Saudi Arabia's sports minister Prince Abdulaziz bin Turki Al-Faisal told the BBC last year that its government would support private sector bids for the team and Liverpool FC.
- No timeframe has been set for completion, but the Qataris are keen for the process to reach a quick conclusion and are confident they will be able to blow rival bids out of the water.
- United is owned by the Glazers, who took control of the club in 2005. And the American family is seeking £6 billion in exchange after giving potential suitors until mid-February to put their offers forward.
- In 2011, the Al Thani family reportedly offered more than £1 billion for United but was turned down by the Glazers.
- Price Action: MANU shares are up 11.50% at $23.55 during the premarket session on the last check Wednesday.
- Photo via wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
