Saudi Arabia has reportedly submitted a bid for British soccer club Manchester United PLC, according to a report by The Telegraph. However, it is yet to be revealed how much the kingdom has bid for.
Manchester United is the fourth richest football club, as per Deloitte analysis. The club has won a record 13 Premier League titles and has been able to attract some of the biggest stars in the game, including Cristiano Ronaldo and Paul Pogba.
On Friday, Qatar’s royals were reportedly preparing a $6 billion (£5 billion) opening bid for Manchester United Plc, according to Bloomberg, which cited sources with knowledge of the matter.
The consortium, led by the former Prime Minister Hamad bin Jassim bin Jaber Al Thani and backed by the Qatar Investment Authority (QIA), is said to be putting the finishing touches on a proposal to acquire the Premier League club from the US-based Glazer family.
This deal could be the biggest takeover of a professional sports club on record, the report said, potentially surpassing the $4.65 billion paid last year by a group led by Walmart Inc. heir Rob Walton for the Denver Broncos NFL team.
The Qatari bid is likely to face competition from British billionaire Jim Ratcliffe, who has already lined up financing for his own bid.
The Glazer family, who own Manchester United, have been the subject of takeover speculation since Bloomberg reported in the summer that they were open to selling a stake. New York bank Raine Group is advising the Glazers.
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