Qatari investors are readying a roughly £5 billion ($6 billion) opening bid for Manchester United Plc, people with knowledge of the matter said, ahead of what’s expected to be a fierce bidding war for the English football giant.
A consortium including Hamad bin Jassim bin Jaber Al Thani, the country’s former prime minister and ex-head of the Qatar Investment Authority, is putting the final touches on a proposal to acquire the English Premier League club from the US Glazer family.
Deliberations are ongoing and no final decisions on the size or timing of any proposal have been taken, according to the people. A representative for Al Thani didn’t immediately respond to a request for comment.
Bloomberg News reported this week that the QIA has been helping with preparations for a bid alongside local family offices. Any offer is likely to face competition from British billionaire Jim Ratcliffe, who’s already lined up financing from banks including Goldman Sachs Group Inc. for a bid of his own.
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