Government officials are concerned about Man United bidder Sheikh Jassim
Senior government officials are concerned Man United’s Qatari bidder Sheikh Jassim over a £1.4m fine handed to his bank’s UK arm – and could ask Premier League to look into a £5bn deal
- Sheikh Jassim bin Hamad al-Thani wants to take over Manchester United
- Concerns have reportedly been raised about a fine imposed on the QIB in 2016
- Sheikh Jassim has been the chairman of the Qatar Islamic Bank since 2006
Senior government officials working in football’s administration have reportedly privately raised concerns about Manchester United’s bidder Sheikh Jassim bin Hamad al-Thani.
Sheikh Jassim is one of the main contenders to take over the Premier League giants, with the Qatari bidder facing competition from the Ineos group led by Sir Jim Ratcliffe.
According to Bloomberggovernment officials expressed concern about Sheikh Jassim over previous regulatory shortcomings at the UK subsidiary of the Qatar Islamic Bank.
Sheikh Jassim has been chairman of the QIB since 2006.
The Prudential Regulation Authority fined the British subsidiary £1.4 million in 2016citing “significant deficiencies in the review, maintenance and reporting to the regulator of its financial resources” from June 30, 2011 to December 31, 2012.
Government officials are reportedly concerned about Sheikh Jassim due to a fine imposed on the QIB
Sheikh Jassim is one of the frontrunners in the race to buy Premier League giant Man United
Andrew Bailey, then CEO of the Prudential Regulation Authority and now governor of the Bank of England, said the QIB ‘failed to meet some of the most basic regulatory standards’.
“QIB’s shortcomings in this regard were serious, which is why we felt it appropriate to impose a penalty in this case,” Bailey said.
The Prudential Regulation Authority noted at the time that the QIB had undergone “significant restructuring” and had “allocated resources to things like governance, capital monitoring and reporting systems and controls” to prevent a similar breach.
While the QIB is not expected to be involved in Sheikh Jassim’s bid for Manchester United, Bloomberg reported that government officials could pressure the Premier League to scrutinize a potential takeover by the Qatari.
Bloomberg said spokesmen for Sheikh Jassim and the UK Department of Culture, Media and Sport declined to comment.
The UK government is pushing for better governance within football following the completion of a fan-led review.
In February, the government published a white paper outlining plans for an independent regulator.
The financial sustainability of individual clubs is one of the key areas the regulator would cover, while introducing new tests for future owners and directors of football clubs.
Sheikh Jassim and Sir Jim Ratcliffe both submitted their revised bids for Man United last month to investment bank Raine, which oversaw the sale of the club.
Sheikh Jassim faces competition from British billionaire Sir Jim Ratcliffe to buy the club
The bids, believed to be worth around £5bn, were submitted after both parties were granted an extension beyond the initial ‘soft’ deadline.
Raine Group has received a number of offers for a minority stake in the club, allowing the Glazer family to redevelop or rebuild Old Trafford and the club’s training ground, whilst retaining overall control.
One of those offers comes from former AC Milan owners Elliott Investment Management, who had previously offered financing to those looking to buy the club.
The Glazers, who own Man United, are said to be seeking a sum of more than £6bn to sell the club.
