Late on Friday night, Manchester United received an official bid of a minimum of £4 billion from Sheikh Jassim bin Hamad al-Thani, Chairman of Qatari Islamic Bank (QIB).
Sheikh al-Thani’s Nine Two Foundation, which has submitted the bid, has pledged to keep the club debt-free and upgrade the club’s infrastructure.
This bid was submitted ahead of Friday’s 10 PM “soft” deadline, which marked the beginning of the bid process for Manchester United.
It was revealed on Friday night that Sir Jim Ratcliffe, the wealthiest person in Britain, had also made an official bid to purchase the club.
In an official statement, Nine Two Foundation said: “Sheikh Jassim bin Hamad al-Thani today confirmed his submission of a bid for 100% of Manchester United. 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 once more.”
“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 center, the stadium, wider infrastructure, the fan experience, and the communities the Club supports. The vision of the bid is for Manchester United to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops,” the statement concluded.
The Nine Two Foundation takes its name from Sheikh al-Thani’s love for Manchester United, which dates back to 1992. The Class of 92, a group of homegrown players that included Ryan Giggs and David Beckham, was also a source of inspiration for the foundation’s name.