Manchester United takeover: Qatari Sheikh Jassim bin Hamad Al Thani in pole position to complete purchase of club ahead of Sir Jim Ratcliffe
- Bid from Qatar gaining ground on INEOS
- Two bidders have made it to next stage of process
- Jassim Al Thani's offer worth £4.4bn
WHAT HAPPENED? Qatar's bid to take over Manchester United is in 'pole position' ahead of its only competitor INEOS, according to RMC journalist Fabrice Hawkins.
The offer from Qatar, which is being lead by Sheikh Jassim bin Hamad Al Thani and is independent of Paris Saint-Germain owners Qatar Sports Investments (QSI), is said to be ahead in the race and, if successful, the new ownership plan to show ambition in the transfer window and actively compete with PSG for signings.
THE BIGGER PICTURE: Jassim Al Thani and INEOS, which is owned by Manchester-born and lifelong Red Devils fan Sir Jim Ratcliffe, submitted bids for United last month and it has been reported that both parties have advanced to the next stage of the sale process.
AND WHAT'S MORE: Qatar's bid is worth around £4.44 billion ($5.3bn) and will be debt-free. United have debts of around £500 million ($600m) as a result of the Glazer family's leveraged buyout in 2005, with the amount the club owes soaring in the last year as a result of the losses it accrued during the coronavirus pandemic.
IN TWO PHOTOS:
WHAT NEXT FOR THE QATAR BID? Jassim Al Thani and INEOS will meet with the Raine Group, the bank overseeing the sale of the club for the Glazer family, and will be given private access to the club's financial details in order to finalise their bids.