February 17, 2023
Buyers in both Saudi Arabia and Qatar are seeking to buy the English association football/soccer club Manchester United. The interest is in line with the Gulf countries’ economic and sports ambitions.
What happened: Bloomberg reported Thursday that a Qatari consortium is preparing an approximately $6 billion bid to buy Manchester United. The group includes Hamad bin Jassim bin Jaber Al Thani, a member of the royal family who previously led the Qatar Investment Authority, according to the outlet.
The Telegraph also reported Thursday that “private groups” in Saudi Arabia made formal inquiries to buy the club.
The news follows the Glazer family’s announcement last November that the iconic English soccer team was for sale.
Manchester United reported a more than $130 million loss during the fiscal year ending in June 2022. The club cited COVID-19 restrictions leading to canceled matches, increased utility costs and the fall of the British pound, according to reports at the time.
Why it matters: Saudi investors are showing an increased interest in sports, as per the Vision 2030 economic diversification initiative. The Saudi Public Investment Fund bought the Newcastle Football Club in 2021. Newcastle also plays in the English Premier League.
Last year, the Public Investment Fund launched the LIV Golf league. The breakaway competition finally landed a TV deal in January.
Saudi Arabia’s own soccer league scored big in January when Portuguese superstar Cristiano Ronaldo signed with Riyadh’s Al Nassr club.
Qatar also has soccer ambitions, and hosted the World Cup last year. This was the first time a country in the Middle East hosted the tournament. Saudi Arabia is now seeking to host the 2030 World Cup.
Saudi Arabia and Qatar healed their diplomatic rift in 2021, but the two countries remain rivals in some respects.
Know more: The potential Manchester United sale is not the first in the English Premier League to involve the Middle East. Russian-Israeli billionaire Roman Abramovich sold Chelsea in May of last year amid sanctions against him following the Russian invasion of Ukraine.
The Financial Times reported Wednesday that Iranian-American billionaire Jahm Najafi is preparing a $3.75 billion bid to buy the Tottenham Hot Spurs.
The English Premier League is doing well overall. Deloitte’s most recent “Football Money League” report noted that English Premier League teams drove soccer’s increased revenue worldwide. The consulting giant published the report in January.
Qatar, Saudi investors bidding to buy Manchester United
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