Sheikh Jassim Bin Hamad Al Thani, a son of former Qatar prime minister, on Friday, confirmed a bid to buy English football club Manchester United.
"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure," said a statement from a spokesperson representing Sheikh Jassim, who is the chairman of QIB, one of the top banks in Qatar.
Sheikh Jassim is the son of Sheikh Hamad bin Jassim bin Jaber Al Thani, who is one of the richest men in the Gulf state.
The Glazer family, Manchester United's current majority owners, launched a formal sale process late last year. They are, reportedly, seeking a valuation as high as 7 billion pounds ($8.42 billion). The record 20-time English champions, have over 650 million fans worldwide, according to market research firm Kantar.
Will UEFA rules play spoilsport?
Interestingly, three widely expected bids to buy Manchester United are closely tied to clubs already established in UEFA competitions like the Champions League, or have ambitions to break into the elite.
The European football body has rules to bar clubs from its competitions in any season if owners have decisive influence over two clubs which qualify.
State sovereign wealth funds from Qatar and Saudi Arabia already bought Paris Saint-Germain and Newcastle, respectively, and British industrialist Jim Ratcliffe, a lifelong Man United fan, owns French club Nice.
UEFA first fought a legal case against "multi-club ownership” 25 years ago, and only this month warned of the risks this industry model poses for collusion on the field and in player transfers.
UEFA refused to comment on Friday and likely won't take a position on Man United's next owner until the season ends. Entries for next season's competitions will be clear after the Champions League final on June 10.
Other bids
The initial deadline for bids expired on Friday, and United are learnt to have received multiple bids. British billionaire Jim Ratcliffe, a life-long United fan and founder of chemicals firm INEOS, is expected to be one of the bidders. On Thursday, the Daily Telegraph reported that Saudi Arabia has also submitted a bid for United.
The biggest sports deal so far - $5.2 billion, including debt and investments – was the sale of Chelsea.
