BY AGENCIES
Sheikh Jassim bin Hamad bin Khalifa Al Thani, the Qatari billionaire, made an improved bid on Tuesday, May 16 to buy Manchester United at £ 5.5 billion.
This is Sheikh Jassim’s fourth and final bid in which he has also offered to clear Manchester United’s £1 billion debt and a fund solely for the club and surrounding community.
The Qatari businessman’s improved offer comes after Sir Jim Ratcliffe, a lifelong Manchester United fan and petrochemicals billionaire, submitted his third bid which valued the club at a higher figure.
According to further details in the bid, Sheikh Jassim is trying to buy 100 percent of Manchester United, where the Glazer family are current majority shareholders.
While Ratcliffe wants stake of a little over 50 percent, leaving Avram and Joel Glazer, two of the Glazer siblings who collectively own a majority share, with a 20 percent stake.
The Glazers family originally valued the club at £6bn after it went on the market.
The American merchant bank, Raine Group, is overseeing the process for the Glazers. There have been three previous rounds of bids, without seeming to meet the Glazers’ valuation, though Ratcliffe had emerged as the favourite to complete a deal.