Manchester United is negotiating granting exclusivity to the consortium led by Qatar’s Sheikh Jassim bin Hamad al-Thani in talks to sell itself for more than $6 billion, people familiar with the matter told Reuters on Thursday.
While a deal remains uncertain, the development represents a major milestone in the efforts of Sheikh Jassim – the son of Qatar’s former prime minister who is one of the richest men in the Gulf state – to take over the iconic sports brand.
Members of the Glazer family, who own minority stakes in Manchester United and control it thanks to a dual-class share structure, would be cashing out as part of the proposed deal, one of the sources said.
The Qatari offer is currently viewed by the Glazers more favorably than a bid from British billionaire Jim Ratcliffe, founder of chemicals producer INEOS, the sources added.
Ratcliffe’s offer envisions that the Glazers would keep some interest in Manchester United.
Manchester United would not be allowed to negotiate with any bidder other than Sheikh Jassim for the exclusivity period.
It could not be learned how long this period may last. The sources cautioned that the situation remained fluid and a new bid from Ratcliffe could prevent Sheikh Jassim from securing exclusivity.
The sources requested anonymity because the matter is confidential, Reuters reported.
