Report: Qatar Islamic Bank Chairperson Bids on Manchester United Below $7B Valuation

A new prospective buyer has entered the bidding process to purchase Manchester United, but not at the price the owners were expecting.

According to ESPN’s Rob Dawson, Sheikh Jassim Bin Hamad Al Thani, the chairperson of Qatar Islamic Bank, confirmed that he has launched a bid for the club.

“However, Al Thani’s bid was below the club’s valuation of £6 billion ($7.2 billion) set by owners the Glazer family,” Dawson stated, while also noting that the Qatar Islamic Bank’s assets are estimated at more than £40 billion ($48 billion).

Al Thani is now the second person to confirm his interest in buying Manchester United, joining British billionaire Sir Jim Ratcliffe, who is the chairman and CEO of chemical company INEOS.

Ratcliffe filed his bid on Friday, according to The Telegraph.

Al Thani has said he is a United fan. The statement announcing his bid read, in part:

“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.

“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, the fan experience and the communities the club supports.”

Per Dawson, a soft deadline of 5 p.m. ET (10 p.m. GMT) on Friday for offers was set by merchant bankers Raine Group, acting on behalf of the Glazer family.