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Sheikh Jassim Bin Hamad Al Thani-led Qatari (NINE-TWO Foundation) consortium are reportedly in pole position to win the race to buy Manchester United FC. The Glazers are set to accept the new offer on the table and relinquish control of the club.
As per RMC Sport, the Qatar consortium has increased their bid to buy Manchester United. They have submitted a fresh proposal of just over €5 billion to seal the deal.
Reports suggested that no bidder matched the asking price set by the Glazers, and they were reluctant to sell. They were also getting offers from hedge funds to keep control of the club with some fresh investments.
However, the Qatari consortium are keen on getting the deal over the line and have increased their offer. They made an initial €4.5 billion offer and have added more than half a billion to their new bid.
What do the Qatari consortium have in place for Manchester United?
Qatari consortium NINE-TWO Foundation confirmed their bid for Manchester United last month and released a statement. They said that they were looking to buy the full club from the Glazers and take the club back to its glory days.
They said:
"Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchèster United Football Club. The bid plans to return the Club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchèster United Football Club once more."
The statement added that the club would become debt-free after the takeover is done, as it has been something fans have wanted for a long time. It continued:
"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience, and the communities the Club supports."
The NINE TWO Foundation added:
"The vision of the bid is for Manchèster United Football Club to be renowned for footballing excellence and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops."
Manchester United reportedly have a debt of €580 million right now.
