Manchester United will be sold to Qatar, according to media reports.
Following a protracted sale saga, the English Premier League club takeover will be completed by Qatar’s Sheikh Jassim for a price of around $7.6bn, reports The Sun newspaper.
The Qatar investment group has been in a long-running bidding war with British Billionaire Sir Jim Ratcliffe to buy the football club, but is ready to declare victory.
Qatar to complete Manchester United takeover
According to The Sun report, “a date is pencilled in and an announcement could come as early as next month”.
The Qatar investment team are completing due diligence and ironing out details ahead of an expected October completion date.
Since the bidding war to take control of Man Utd began, Sheikh Jassim and rival bidder Sir Jim Ratcliffe, owner UK chemicals company INEOS, emerged as front runners.
Ratcliffe’s bid was thought to be for a portion of the club, leaving the Glazer family with a financial interest.
Sheikh Jassim’s escalating offers have been to take full control of the club with 100 per cent ownership.
Many Man Utd fans have been eagerly awaiting the potential sale to Qatar, with the bid said to include a promise to invest heavily in the squad as well as developing infrastructure around the club, including upgrades to the iconic Old Trafford Stadium and the surrounding area.
Man Utd put potential bidders on red alert when it effectively put the club up for sale in November last year.
A statement from Manchester United at the time said: “Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors (the “Board”) is commencing a process to explore strategic alternatives for the club.
“The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
“As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.
“This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders”
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