Manchester United is up for sale and two investors with solid connections to Switzerland are increasingly likely to face each other in a high-profile bidding war.
The billion-dollar battle for Manchester United is heating up. Two bids are on the table and another from Saudi Arabia possibly lurks in the background as an unconfirmed rumor.
The known bids are from billionaire Sir Jim Ratcliffe, one of the UK's wealthiest individuals, and a group of investors from Qatar. Each of them made their takeover offers by the required deadline last Friday and both have deep links to Switzerland.
Ineos-owned Lausanne-Sport
Ratcliffe founded Ineos, one of the world's largest chemical companies, and they, in turn, own French club Nice as well as Swiss Super League club FC Lausanne-Sport. Now he faces off against Qatar sheik Jassim Bin Hamad Al Thani who is part of the ruling family in the emirate, which hosted the 2022 World Cup last year.
More importantly, he is also a recognized name in Swiss banking circles. When he was 30, he was elected to the board of directors of Credit Suisse after the Qatar Investment Authority (QIA) sovereign fund stepped in after the crisis. He stepped back from the position in 2017.
On the Board
The 44-year-old is currently chairman of Qatar Islamic Bank, one of the largest banks in the emirate. As the third-oldest son in the family, his wealth is estimated to be about $1.3 billion. According to some, he has been a lifelong United fan. His father, Hamad bin Jassim bin Jaber Al Thani, was prime minister of Qatar between 2007 and 2013.
The Glazer family, which currently owns a majority of the Red Devils, had intended to sell the team for up to $6 billion. The Raine Group, a US investment bank, is again managing the deal, as it did the sale of premier league rival Chelsea FC to an investment consortium including Clearlake Capital and Swiss billionaire Hansjörg Wyss.
NYSE Listing
It is likely to take some time before a preferred bidder emerges from the fray as United is currently valued at around $4.3 billion on the New York Stock Exchange. The Glazers could change their mind and end up only selling part of their ownership stake. When they announced they would be putting up the club for sale in November, they indicated they would be looking at all strategic alternatives including both new investment, a sale, or other transactions involving the club.
It is likely that ex-Credit Suisse board member Jassim bin Hamad will have to do a great deal to convince Europe's football governing body, UEFA, that his wealth is not connected to Qatar Sports Investments (QSI), which currently owns Paris St.Germain.
Qatar has frequently maintained in the past that QSI is not a subsidiary of the emirate's sovereign fund. Still, it is currently the largest shareholder in Qatar Islamic Bank.
