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Manchester United’s Qatari bidder’s father, Sheikh Jassim, admits he “doesn’t like the investment” and isn’t even “a football fan” but says his son is still “pushing hard” to clinch a £5 deal 4.5 billion
The father of the Qatari sheikh who is bidding for Manchester United has admitted that he “doesn’t like the investment offer” from his son.
Before last month’s ‘soft’ deadline, Sheikh Jassim bin Hamad Al Thani announced his intention to acquire ‘100 per cent of the club’ from the Glazers.
Sheikh Jassim is pushing to complete a £4.5bn deal, with British billionaire Sir Jim Ratcliffe also in the running to complete the takeover of the Premier League giants.
As reported by the Athletic, His father, Sheikh Hamad bin Jassim Bin Jaber Al Thani, Qatar’s former prime minister, has said he is not interested in soccer and sees the bid as an investment opportunity rather than an “advertisement” for the country.
“I’m not a football fan,” Sheikh Hamad said of his son’s interest in Manchester United in an interview on David Rubenstein’s show.
Sheikh Jassim bin Hamad Al Thani (left) announced his intention to acquire Manchester United last month, but his father (right) “doesn’t like the investment” and is not a football fan.
Qatari investor and British billionaire Sir Jim Ratcliffe are waiting to hear about the next steps following their respective bids to buy the club from current owners, the Glazers.
‘I don’t like this investment. Maybe it works fine. But you know, some of my kids like this, they always discuss it with me. They are pushing a lot, this is not my specialty.
‘Let me put it this way: I am an investor. If one day it will be a good investment, I will think about it. I won’t look at it as something you do just as an advertisement.
He went on to add that he was against Qatar hosting the World Cup in 2022, but ultimately felt it turned out to be beneficial for the gulf state.
Sheikh Hamad said: ‘I thought a lot of money and effort would be spent. We could spend it on something else that is good for the people and the country.
‘But if you ask me now, I’ll tell you that there were a lot of positive results. And the positive result wasn’t just putting Qatar on the map.
‘Look at the people who visited. I met many from the business community, from all over the world. They came, some of them for the first time. They brought their families.
Bids from Sheikh Jassim and Ratcliffe have come in at a maximum of £4.5bn, although the Glazers are seeking around £6bn, a valuation some see as an unrealistic amount.
Sheikh Jassim and Ratcliffe’s INEOS have been confirmed to have made offers for the Red Devils, and they are now awaiting responses from Raine Group, the commercial bank handling the sale.
Qatar’s bid was for full control of the club, while Ratcliffe hopes to gain a majority stake in Old Trafford, although his two initial bids came at a maximum of £4.5bn.
Raine Group has been vetting the offers ahead of the upcoming process and the candidates are expected to have access to United’s full financials, having taken a look at them after their initial expressions of interest.
Early offers are unlikely to be accepted, with a set negotiation period to follow. There is a belief that the Glazers are seeking around £6bn, a valuation that some see as unrealistic.
Sheikh Hamad was also initially against plans for Qatar to host the World Cup, but ultimately believed there was a “positive outcome” through the country hosting the tournament.
Sheikh Jassim, the chairman of one of Qatar’s biggest banks, is believed to have watched United’s Carabao Cup final victory with his family at his home in Doha. He is known as a United fan and friends of his say he wears the club’s shirt in weekly five-a-side matches.
A statement after the Qatari offer read: “The offer plans to return the club to its former glories both on and off the pitch and, above all, will seek to place the fans at the heart of Manchester United Football Club once again.”
The offering will be completely debt-free through Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, training center, stadium and broader infrastructure, fan experience and communities. who supports the club.
“The vision of the bid is for Manchester United Football Club to be recognized for its footballing excellence and regarded as the best football club in the world.”