Top Stories
Soccer-Qatari investors set to bid for Manchester United – Daily Mail
Published by Wanda Rich
Posted on February 8, 2023
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Wanda Rich
Posted on February 8, 2023
(Reuters) -Qatari investors are planning to make a huge bid to buy Premier League club Manchester United, the Daily Mail newspaper reported on Tuesday, citing unnamed sources.
The report described the investors as “a group of private, high-wealth individuals” from Qatar, which hosted the 2022 World Cup.
United declined to comment when contacted by Reuters. Manchester United’s New York-listed shares jumped nearly 16.5% in premarket trading.
Bloomberg News reported last month that Qatar Sports Investments (QSI), which owns Paris St Germain, was considering either a total takeover or a stake in Manchester United or their rivals Liverpool.
QSI is a state-backed body founded by the emir of Qatar, Sheikh Tamim bin Hamad Al Thani, but European soccer governing body UEFA has strict integrity rules regarding multi-club ownership.
No club participating in its competitions is allowed to “directly or indirectly hold or deal in the securities or shares of any other club”.
In 2017, Bundesliga side RB Leipzig and Austrian side Salzburg were both cleared to play in the Champions League after UEFA said it was satisfied that energy drinks manufacturer Red Bull did not have a controlling influence in both clubs.
The Daily Mail report states the interested investors are separate from QSI and that the money will come from an “individual fund” rather than a sovereign wealth fund.
Jim Ratcliffe’s company INEOS formally entered the bidding process to buy United last month after the club’s U.S. owners, the Glazer family, said in November they had begun looking at options including new investment or a potential sale.
United fans have been clamouring for a change of ownership and the Glazers have been the target of intense criticism as the team last won silverware back in 2017, lifting the Europa League and League Cup trophies.
In April, thousands protested outside Old Trafford, lighting flares and singing songs demanding the Glazers “get out of the club”.
United’s net debt, another bone of contention among fans, had grown to 515 million pounds ($620.42 million) by September.
The team, managed by Erik ten Hag, are third in the league on 42 points after 21 games, three points behind Manchester City but eight adrift of leaders Arsenal, who have played a game less.
($1 = 0.8301 pounds)
(Reporting by Manasi Pathak in Bengaluru, additional reporting by Rohith Nair and Medha Singh; Editing by Peter Rutherford and Christian Radnedge)