Saudi Arabians Are Competing To Purchase Manchester United

🕘 Posted on: February 17, 2023 | Last updated on: March 11, 2023

Saudi Arabia has entered the contest to purchase Manchester United ahead of Friday's theoretical deadline, upping the stakes in what may be the most valuable sale in sports history. The 20-time English champions were fully acquired by the American Glazer family in 2005, and they declared their openness to a sale or investment in November. The Ineos business, owned by British billionaire Jim Ratcliffe, became the lone bidder to make a public offer to purchase the club last month. The Guardian reported that Sheikh Tamim bin Hamad Al-Thani, the state's ruler, was interested in purchasing United, only weeks after the energy-rich Gulf country hosted the World Cup.But, because United's stock is listed on the NYSE, brokers working on the club's behalf will be required to take bids even after Friday's "soft" deadline has passed. Although the Glazers had indicated they were open to both a full takeover and a minority investment, the latter now seems to be their preferred choice. The Glazers, who have been deeply unpopular with fans since they burdened the club with enormous debts in a 790 million pound ($961 million) leveraged buyout in 2005, further incensed supporters by supporting the unsuccessful European Super League initiative in 2021. The largest telco in the nation, Saudi Telecom, and United have previously collaborated.Because to their current engagement with rival Premier League club Newcastle United, insiders close to the country's 515 billion pound Public Investment Fund (PIF) discounted the chances of a state-backed approach to the regime. The three-time European winners are reportedly being sought at a price of 6 billion pounds, which would break Chelsea's previous record for a football club.

A group led by Todd Boehly, a co-owner of the Los Angeles Dodgers, and the private equity firm Clearlake Capital paid 2.5 billion pounds for the Blues, with a further 1.75 billion pounds in infrastructural and player investments planned. Indignation from human rights organisations that have spoken out against the Gulf state after the 2018 death of Similar arguments would be raised against a Qatari acquisition, according to Peter Frankental, head of economic affairs at Amnesty UK, who claims it would be "the continuation of this state-backed sportswashing enterprise." Given that Qatar already owns Paris Saint-Germain, one of the club's European competitors, a successful Qatari proposal would also raise sports concerns. Since 2013, Manchester United has not won the Premier League, and it has not received any awards since 2017. They have improved under manager Erik ten Hag, who took over before the current season began, and are now third in the Premier League.

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Saudi Arabians Are Competing To Purchase Manchester United

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