Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, launched a bid to buy Premier League soccer club Manchester United, whose American owners launched a formal sale process late last year. A deal for United is expected to shatter records for the sale of a sports business. The club's current majority owners, the Glazer family, are seeking a valuation as high as 7 billion pounds ($8.42 billion), Reuters has previously reported. The record 20-time English champions, have over 650 million fans worldwide, according to market research firm Kantar.

Sheikh Jassim is the son of Sheikh Hamad bin Jassim bin Jaber Al Thani, who is one of the richest men in the Gulf state. "The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure," said a statement from a spokesperson representing Sheikh Jassim, who is the chairman of QIB, one of the top banks in Qatar.

However, Qatari state investors, who own a stake in French champions Paris Saint-Germain, could face challenges structuring a takeover of Manchester United, as rules forbid two clubs with the same owner taking part in the lucrative Champions League. Sheikh Hamad is the owner of PSG and it is unclear how the Qatari bid will be structured. Suitors have been asked to submit a bid amount and proof of funds after which Raine Group, the investment bank running the sale process, will draw up a shortlist.

The Qatari bid is one of multiple offers United have already received, according to sources. The initial deadline for bids expires on Friday. British billionaire Jim Ratcliffe, a life-long United fan and founder of chemicals firm INEOS, is another likely bidder, along with U.S. private equity firms.

Credit : Independent News Pakistan-INP