Sport

Sheikh Jassim submits second bid to buy Manchester United

Sheikh Jassim submits second bid to buy Manchester United
Old Trafford, ยฉ PA Wire/PA Images

By PA Sport Staff

Manchester United have received a second Qatari bid to buy the Old Trafford club, the PA news agency has been told.

Sheikh Jassim, the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister, placed his second-round offer overnight.

A source close to the bid says the Qataris remain confident of completing a takeover despite rival interest from Sir Jim Ratcliffe and Finnish businessman Thomas Zilliacus.

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A deadline for offers had been set for 9 pm on Wednesday, but that was extended.

Sheikh Jassim faces competition from Sir Jim Ratcliffe. Photo: Peter Byrne/PA.

The first round of bidding took place last month and it has been reported there are as many as eight separate potential investors.

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No figures have been revealed, but one or more of the initial bids were reportedly in the region of ยฃ 4.5 billion.

The Glazers acquired the club for ยฃ 750 million in a highly-leveraged deal in 2005. After a controversial reign, they announced they were seeking โ€œstrategic alternativesโ€ that could include a sale last year.

Sheikh Jassim, chairman of Qatari bank QIB, says his bid is privately-funded. Photo: Credit Suisse handout.

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Ratcliffe, who made an unsuccessful bid to buy Chelsea in 2022 and already owns French club Nice, visited Old Trafford last week.

The 70-year-old was born in the Manchester area and is a boyhood United fan. He is one of the richest people in Britain with an estimated personal fortune of ยฃ6bn.

Sheikh Jassim has said his interest is a private initiative through his Nine Two Foundation and is not connected to the Qatari state.

His representatives also visited Old Trafford last week for talks, which were understood to be positive and constructive.

Finnish businessman Zilliacus confirmed earlier this week that he has also submitted a bid.

Zilliacus, founder and chairman of investment company Mobile FutureWorks, wants to buy United in a 50-50 partnership with their fans, who will have a say in the decision-making process at the Premier League club.

Until now, little or nothing is known of other potential bidders, while it has been reported that US hedge fund Elliott Management has made a proposal that would involve offering finance to either new bidders or the Glazers.

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