Bank of America has been appointed as one of the advisers on Sheikh Jassim bin Hamad al-Thani’s bid for Manchester United, joining a number of investment banks and investors involved in the race to take over the renowned football club.
Jassim bin Hamad al-Thani, a son of Qatar’s former prime minister and a royal family member, is heading what some see as the leading bid for Manchester United. A spokesperson for Sheikh Jassim confirmed the appointment of Bank of America.
Sheikh Jassim, the chairman of Qatar Islamic Bank and a former board member of Credit Suisse Group, confirmed his bid to acquire the English Premier League club in an emailed statement Friday. The Qataris’ opening offer could value Manchester United, currently owned by the US Glazer family, at about £5 billion ($6 billion), Bloomberg News reported earlier.
“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 Manchester United Football Club once more,” Sheikh Jassim wrote in the statement.
The Qatari offer is set to face competition from British billionaire Jim Ratcliffe, a Manchester United fan who’s already lined up financing from banks including Goldman Sachs Group.
Billionaire Paul Singer’s Elliott Management has also offered a proposal to help finance offers for the club, according to a person familiar with the matter. Elliott is not bidding for the club itself, the person said.
Daily Maverick
