Topline
Manchester United’s shares surged on Tuesday after a report that Qatari Sheikh Jassim bin Hamad al-Thani has made a successful bid for the professional soccer team.
The Glazer family, who have owned Manchester United since 2005, have met criticism for the financial … [+]
Key Facts
Qatari news outlet Al-Watan, which is owned by Sheikh Jassim’s father, tweeted on Monday Jassim had made a successful bid for Manchester United that would be announced publicly “soon.”
Shares for the soccer club’s New York Stock Exchange-listed stock rose more than 12% to $22.50 by 9:55 a.m. ET Tuesday.
Manchester United did not immediately respond to Forbes‘ request for comment.
Key Background
In November 2022, Manchester United announced it was seeking new ownership and parting ways from the Glazer family, which has owned a majority stake in the club since 2005 but faced criticism for saddling the team with roughly $675 million in debt. The primary bids to purchase the club have come from Jim Ratcliffe, the billionaire CEO of Ineos, and Sheikh Jassim. Qatari representatives have told media outlets Jassim’s bids would clear Manchester United’s debt, with the latest offer—made as recently as last week—reportedly surpassing an earlier $6 billion bid, according to the Athletic.
Tangent
Sheikh Jassim, 44, is the son of Hamad bin Khalifa Al Thani, the former emir of Qatar. Jassim was next in line to be emir, but abdicated in 2013 to his younger brother, Tamim, citing a disinterest in the role.
News Peg
Manchester United’s search for new ownership was announced the same day Cristiano Ronaldo said he was leaving the club after a “mutual agreement.” The star, considered one of the most valuable active players, moved to Saudi Arabian club Al-Nassr FC. His move ignited controversy over sportswashing, the idea of countries using sports as a means of distraction from stark human rights abuses. The concerns echoed those voiced during the 2022 World Cup, when human rights organizations criticized host country Qatar for abusing migrant workers during their preparation for the games, which were hosted in the Middle East for the first time in history.
Further Reading
Glazer family open to selling Manchester United (ESPN)
Sheikh Jassim submits fifth bid for Manchester United (The Athletic)
Sheikh Jassim: Manchester United suitor and ‘the elite of the elite’ (The Guardian)
Saudi Money Is Supercharging Athletes’ Pay — And Shaking Up The Sports World (Forbes)
Source: https://www.forbes.com/sites/katherinehamilton/2023/06/13/manchester-united-stock-soars-amid-rumors-of-qatari-sheikh-purchase/