Notable growth has been observed in Manchester United’s stocks amidst talks of a possible purchase by Qatari Sheikh Jassim, son of former emir Hamad bin Khalifa Al Thani. The club had previously expressed its desire to seek new ownership, moving away from the Glazer family, who have controlled a majority stake in the team since 2005. The Glazers faced backlash for burdening the club with a substantial debt of around $675 million.
The two main contenders for ownership of the club are Jim Ratcliffe, the wealthy CEO of Ineos, and Sheikh Jassim. Reports indicate that the Qatari representatives have communicated their bid’s capability to clear Manchester United’s debts. As per The Athletic, Sheikh Jassim’s latest offer, exceeding a previous bid of $6 billion, has piqued interest and garnered significant anticipation.
At 44 years old, Sheikh Jassim relinquished the potential emir position in 2013, passing the torch to his younger brother, Tamim, due to his disinterest in the role. Through this potential acquisition, Sheikh Jassim aims to leave a mark in the football world and strengthen his family’s influence.
In a curious twist, Manchester United’s pursuit of new ownership coincided with the announcement of Cristiano Ronaldo’s exit from the club. The renowned Portuguese player, often viewed as one of the most valuable active athletes, made a transfer to the Saudi Arabian team Al-Nassr FC.
Parallel to the criticisms faced by Qatar during the 2022 World Cup, where human rights groups pointed out the mistreatment of migrant laborers during the build-up to the historic event held in the Middle East.
Adding to the speculation, the Qatari news source Al-Watan, owned by Sheikh Jassim’s father, used Twitter on Monday to reveal his successful bid for Manchester United. The tweet also alluded to an imminent public announcement regarding this acquisition.
The market’s response to these speculations has been astounding. Manchester United’s New York Stock Exchange-listed shares surged by over 12%, hitting $22.50 by 9:55 a.m. ET on Tuesday. Investors and football enthusiasts alike are eagerly anticipating official confirmation and information regarding Sheikh Jassim’s bid and its potential impact on the club’s future.
As the club nears a potential transitional phase in ownership, fans and stakeholders retain hope that the incoming ownership will not only relieve the financial strain but also guide Manchester United into a bright and successful era both on and off the pitch.
