UEFA appears ready to approve Qatar’s acquisition of Manchester United, despite the apparent conflict of interest it might create in the Champions League due to Qatar Sports Investment’s ownership of Paris Saint-Germain.
Elon Musk, one of the richest people in the world, may be one of the Manchester United’s buyers, according to new reports.
The CEO of Twitter, Tesla, and SpaceX may be interested in bidding against Qatar, Saudi Arabia, and Jim Ratcliffe for the right to acquire a controlling interest in Manchester United.
Elon Musk and his team are keeping an eye on the sale of Manchester United.
Only a few official inquiries into the purchase have been made. Notably, one of those came from Jim Ratcliffe, the founder and CEO of INEOS, and Qatari investors.
The World Cup was in full swing when news broke that Manchester United is formally looking to sell, though it remains unclear if it’s a majority or minority ownership of the club.
The Glazers are asking for at least £5 billion to sell Manchester United, which would be a record price for any sports team.
Few people can afford that price, but with a net worth of $146 billion, Elon Musk is undoubtedly one of them.
Musk once jokingly said he was buying Manchester United. He also said that if he ever had the opportunity to purchase a team, Manchester United would be his target. A subsequent tweet revealed that he had supported that team in his youth.
Meanwhile, in November last year, Saudi Prince Abdulaziz bin Turki Al Faisal, the country’s minister of sports, said his government would unquestionably support any private sector bids from the nation for Manchester United or Liverpool.
Prince Abdulaziz claimed that private businesses in his nation have a keen interest in English football’s most successful clubs, with both instructing banks regarding potential investments or sales. The Saudi Public Investment Fund supported the purchase of Newcastle United last winter, he said.
Reports also expect a Saudi Arabia-based consortium to emerge as a potential bidder.
UEFA gives Qatar green light for takeover bid
UEFA appears ready to approve Qatar’s acquisition of Manchester United, despite the apparent conflict of interest it might create in the Champions League due to Qatar Sports Investment’s ownership of Paris Saint-Germain, according to reports.
A UEFA rule which states that “no club participating in UEFA club competitions may[…]hold or deal securities or shares in any other club participating” or “be involved in any capacity whatsoever in the management administration and/or sporting performance of any other club participating,” has presented the biggest challenge to date.
The dual ownership is likely to be approved by UEFA’s Club Financial Control Body, which oversees competitions, as long as Amir Sheikh Tamim serves as “a purely symbolic, hands-off figure” and the two teams have independent management and corporate structures that do not collaborate, according to reports.
A group of Qatari investors are reportedly prepared to express their interest in acquiring United, as the Raine Group, the bank managing the auction, are expecting the first bids to come in this week.
British petrochemicals billionaire Ratcliffe has also enlisted Goldman Sachs and JP Morgan Chase to help him pursue his potential acquisition as the only public bidder thus far.
However, the Qatari bid appears more likely to come close to the £5 billion price the Glazer siblings might be willing to accept for the club and is reportedly being encouraged by the Amir Sheikh Tamim bin Hamad Al-Thani, though no official comment has been made.
Qatar also has plans to modernise the training facility and rebuild Old Trafford, which could add an additional £1.2 billion to their initial investment.