He Sheikh Jassim Bin Hamad JJ Al Thani It wasn’t even on Wikipedia until Friday night, about an hour after he issued a press release announcing his multi-million dollar offer for Manchester United.
The member of the royal family and Third son of former Qatari Prime Minister Hamad bin Jassim bin Jaber Al Thanihas become the face of what some see as the top bid for the renowned soccer club, and has hired Bank of America Corp. as one of the advisers.
On Friday night, Sheikh Jassim launched the first bid in what could become one of the most high-profile bidding wars of the year., which could culminate in paying a record price for a sports asset. Jim Ratcliffe, one of the richest people in Britain with a fortune also derived from natural resources, is bidding for a majority stake in Manchester United, and the hedge fund Elliott Investment Management LP would also be willing to provide financing.
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The sheikh, backed by almost unlimited wealth, could publish a final offer valuing Manchester United, currently owned by the Glazer family, at around £5 billion ($6 billion), it reported. Bloomberg News. That would top the $4.65 billion paid last year by a group led by Rob Walton for the NFL’s Denver Broncos.
Unlike his father, known as HBJ, who was also the head of the Qatar Investment Authority (QIA) and owner of assets from luxury hotels in London to stakes in Deutsche Bank AG, the sheikh has kept a lower international profile.
Sheikh Jassim’s family has been involved in major sporting deals in the past: HBJ was prime minister in 2010 when Qatar won its controversial bid to host the 2022 FIFA World Cup.
Now, the sheikh will have to face another family business. The US-based Glazer family, led by Avram Glazer and Joel Glazer, Co-CEOs and Directors of Manchester United, who have been considering their investment in the club since last year.
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Bidders now have access to confidential data on Manchester United’s earnings and are expected to publish firm offers in the coming weeks. Ratcliffe has offered to buy 69% ownership of the Glazers, according to a person familiar with the situation, while Sheikh Jassim has submitted an offer for 100% of the club.
The sheikh will have to convince both Manchester United and European soccer organizer UEFA that the source of their wealth is not linked to Paris St. Germain.currently owned by Qatar Sports Investments (QSI).
Qatar has wanted to declare that QSI is not a subsidiary of QIA, currently the largest shareholder of the Islamic Bank of Qatar, whose chairmanship is held by the sheikh.
If he succeeds, the sheikh is sure to find rivals wherever he looks. Manchester City, despite facing scrutiny over their spending in the Premier League, remains the most potent competition. And on the other side of England, Newcastle United is currently undergoing a renaissance funded by its last owners: the Saudi wealth fund. The two clubs will meet on Sunday in the English League Cup final.
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