Manchester United shares have climbed by more than 17 per cent as Qatari investors prepare to bid for the club.
Sportsmail exclusively revealed on Tuesday that investors from the Middle Eastern country are set to attempt to buy the Premier League side outfit within days and are ‘confident’ of beating any rival bidders.
And amid their desire to hand manager Erik ten Hag a huge transfer kitty, shares in the club have risen by almost a fifth in pre-market trade.
Sources have disclosed a group of private, high-wealth individuals based in the oil-rich state, buoyed by Qatar’s hosting of the World Cup, have set their sights on a club they view as ‘football’s crown jewels’.
They will make an offer for United in the coming days, ahead of the mid-February deadline set by the current owners, the Glazers, and are confident their bid will blow the competition out of the water.
The deeply unpopular Glazer family owners are seeking more than £6billion for the club, and there is the prospect of another huge bill to redevelop Old Trafford, or knock down the iconic venue and build a new state-of-the-art facility.
Such a project could cost more than £2bn, but that would not be a problem for the Qatari group. Fan engagement is at the heart of their bid and they may well seek the views of supporters on the future of the stadium.
One potential stumbling block is Qatar Sports Investments’ ownership of French giants Paris Saint-Germain. One entity cannot own two clubs in the same competition — and United and PSG could meet in Europe.
The bid for United would come from separate, individual Qatari investors. There is no interest in taking a partial stake, with only a full-blown takeover being discussed.
Insiders have disclosed that the group want to use the knowledge gained from hosting the World Cup and are seeking a new project.
That would include handing Ten Hag a transfer war-chest to allow him to compete for signings with the world’s richest clubs.
‘There are significant funds available,’ they said. ‘These people are serious. They want to make sure that United are where they should be and they are confident theirs will be the strongest bid.
‘They want to strengthen the squad to put them back at the top but they also want this to be for the good of the community.
‘They also want to build on the success of the World Cup. They recognise that Manchester United is the biggest football club in the world, the crown jewels, and there is a steely-minded determination to buy it and get it to where it should be.’
A successful bid would see Manchester’s two clubs on opposite sides of the Qatar-Abu Dhabi rivalry. It would also see Qatari-owned United go up against Saudi-owned Newcastle. The Gulf neighbours are fierce rivals.
The takeover would need Premier League approval and may face opposition in some quarters, given concerns over the country’s human rights record.
The Emir of Qatar, head of its absolute monarchy, Sheikh Tamim bin Hamad Al Thani, is a staunch United fan, well aware of the club’s history. In 2011, the Al Thani family reportedly had an offer of more than £1bn for United turned down by the Glazers.
That year, they bought a 70 per cent stake in PSG. Although the French giants are yet to win a Champions League title, Qatari money has transformed the club into the biggest in the country and made it a global force.
The Qataris face a significant rival in Jim Ratcliffe, Britain’s richest man. Others are likely to submit bids, too, but the Ineos owner and lifelong United supporter was the first to go public with his intention to buy the club.
US merchant bankers Raine, who are handling the process and also oversaw the sale of Chelsea, have already shared financial information with interested parties ahead of the move to the next stage.
No timeframe has been set for completion but the Qataris are keen for the process to reach a quick conclusion.
