A report in Britain’s Daily Telegraph says that Saudi Arabia has joined the race to buy Manchester United before the deadline on Friday. This raises the stakes in what could be the most lucrative sports deal ever.
The American Glazer family bought the 20-time English champions in 2005. They said they were willing to sell or invest in the team in November. Last month, the company of British billionaire Jim Ratcliffe, Ineos, officially entered the race to buy the club. It is the only bidder who has said publicly that they want to buy the club so far.
There have, however, been many rumours about a possible bid from Qatar. The state’s ruler, Sheikh Tamim bin Hamad Al-Thani, was said to be interested in buying United by The Guardian just weeks after the energy-rich Gulf nation hosted the World Cup. But because United’s shares are traded on the New York Stock Exchange, brokers working for the club will have to look at offers even after Friday’s “soft” deadline.
The Glazers said they were open to a minority investment and a total takeover, but it looks like the full takeover is what they want. Fans don’t like the Glazers very much because they gave the club a lot of debt when they bought it for £790 million on credit in 2005. In 2021, they made things worse by supporting the failed European Super League project. United has worked with Saudi Telecom, the largest phone company in the country, in the past.
The Telegraph said that people close to the country’s £515 billion Public Investment Fund (PIF) had played down the chances of a state-backed bid to the regime because the PIF was already involved with rival Premier League club Newcastle United. Reports say the Glazers want £6 billion for the three-time European champions. This would break the record price for a football club set by Chelsea last year at £4.5 billion.
The Blues were bought for £2.5 billion by a group led by LA Dodgers co-owner Todd Boehly and private equity firm Clearlake Capital. The group also promised to invest an additional £1.75 billion in infrastructure and players. Human rights groups have spoken out against the Gulf state since the murder of journalist Jamal Khashoggi in 2018. They would be agitated if Saudi Arabia invested in United.
A Qatari takeover would be opposed for the same reasons. Amnesty UK’s director of economic affairs, Peter Frankental, said it would be “a continuation of this state-backed sportswashing project.” Qatar’s bid would also raise questions about soccer since the emirate owns Paris Saint-Germain, one of the club’s European rivals.
Since 2013, Manchester United hasn’t won the Premier League, and they haven’t won anything since 2017. This season, they are third in the Premier League. Their play has improved since Erik ten Hag took over as manager before the start of the season.
