In the latest Knuckleball article we delve into the latest Manchester United news with regards to the takeover of the club. Manchester United, one of the most iconic football clubs in the world has been making headlines. Two billionaire businessmen are battling it out to take ownership of the club. British billionaire Jim Ratcliffe, founder of the INEOS group and the Qatari Sheikh Jassim, chairman of the Qatar Islamic Bank. Both are vying for the control of the club. With the Glazer family exploring a full or partial sale. The bidding war for Manchester United has heated up and the outcome remains to be seen. In this article, we’ll take a closer look at the latest developments in the battle for Manchester United’s ownership.
Qatari Sheikh Jassim
Potential bidders for the sale of Manchester United have emerged, with Sheikh Jassim Bin Hamad Al Thani reportedly set to make an improved bid next week. The billionaire’s representatives recently held a 10-hour meeting with club officials at Old Trafford. Club officials gave representatives of Sheikh Jassim a tour of the Old Trafford stadium. They also discussed the club’s financial matters during the talks.
Reports indicate that although Sheikh Jassim was not present, the talks were said to be positive and focused on the potential for investment in the club. His Nine Two Foundation plans to invest in the football team, training facilities, stadium, and other infrastructure. The improved bid is expected to exceed the initial £4.5 billion offer made last month.
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Jim Ratcliff & INEOS Group
Meanwhile, British billionaire Jim Ratcliffe, founder of the INEOS group, has also put in a bid of £4.5 billion. After watching his current club, OGC Nice in the Europa Conference League. Jim Ratcliff is set to visit Old Trafford with his co-owners and former British Cycling supremo Sir Dave Brailsford. Ratcliffe, who was born in Manchester, hopes his personal touch will win over the club.
Raine Group, the American merchant bankers overseeing the sale on behalf of the Glazer family, are hoping for a bidding war to drive up the price. The family is exploring numerous ideas around a full or partial sale of the club, with the asking price reportedly around £7 billion.
Manchester United’s Finances
In its fiscal year 2023, Manchester United expects to generate up to £610 million ($734 million) in revenue and up to £140 million ($168 million) in adjusted EBITDA. With such potential for profitability, it’s no surprise that multiple bidders are vying for control of the club.
The Glazer family acquired Manchester United through a heavily leveraged transaction in 2005 for £790 million ($951 million). The potential sale comes amid growing criticism of the family’s ownership and their involvement in the failed European Super League.
The coming weeks we expect to witness a continued bidding war between both billionaires. As both of them have shown a strong interest in Manchester United. It is still uncertain whether Sheikh Jassim or Jim Ratcliffe will emerge as the successful bidder. Stay tuned as we cover all the Manchester United news concerning the takeover.
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