Qatar's Sheikh Jassim submits improved £5.5 billion bid to buy Manchester United

Sheikh Jassim bin Hamad Al Thani has submitted an improved bid in his attempt to buy Manchester United from the Glazer family, according to several reports. The Guardian said that the Qatari banker had upped his bid to buy the Premier League giants to £5.5 billion ($6.84 billion), which includes clearing a £1 billion debt and a fund solely for the club and surrounding community. The Times , meanwhile, reported that Sheikh Jassim was offering to buy 100 per cent of the club for a price nearer to £5 billion. Manchester United's shares were up 1.2 per cent when trading closed on Tuesday. Both Sheikh Jassim, the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister, and his rival Sir Jim Ratcliffe had submitted what had been expected to be their third and final bids for the club last month. Mr Ratcliffe’s last bid was thought to be for a stake of a little over 50 per cent, leaving Avram and Joel Glazer, two of the siblings who collectively own a majority share, with a 20 per cent stake – a proposal that has been met with disdain by many United supporters. Officials and staff inside Old Trafford are eager for clarity over the takeover situation, which began in November when United announced that the board was exploring “strategic alternatives” to enhance the club’s growth, with a full sale one option being considered. Sheikh Jassim was the first prospective owner to publicly confirm a bid during the first round in February and was soon joined by Mr Ratcliffe, the Manchester-born owner of Ineos. The first quarter of the year was initially recognised as a key time in a process that has rumbled on and threatened to overshadow United’s push for a Champions League qualification place. February’s soft deadline was followed by a second deadline in March for those that progressed, with Raine Group, brought in to oversee the sale, then asking interested parties for their third and final bid on April 28. The Glazer family originally valued the club at £6 billion after it went on the market. United fans have made clear their desire for a full buy-out from the Glazers, who have been unpopular since their leveraged takeover of the club in 2005. The Manchester United Supporters' Trust has called for a swift conclusion to the process to allow new owners to be in place for the summer transfer window. United's fortunes on the field have slumped during the Glazers' reign in charge. They have not won a Premier League title since former manager Alex Ferguson retired a decade ago. But United did end a six-year trophy drought earlier this season when they lifted the League Cup in Erik ten Hag's first year as manager.

Qatar's Sheikh Jassim submits improved £5.5 billion bid to buy Manchester United

British newspapers report that the Qatari banker has submitted a fourth offer to buy 100 per cent of the Premier League giants