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Qatar is poised to take over Manchester United in October

According to reports, the English Premier League club takeover will be completed for around $7.6 billion

Qatar is poised to take over Manchester United in October
[Source photo: Anvita Gupta/Fast Company Middle East]

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Qatar is set to take over Manchester United.

According to reports in The Sun, the English Premier League club will be completed for around $7.6 billion, with an announcement due as early as next month.

Sheikh Jassim bin Hamad Al Thani and British billionaire Sir Jim Ratcliffe were vying for control of club ownership.

As Sheikh Jassim and his team complete their due diligence tasks, the takeover is expected to be finalized in mid-October.

In June, Sheikh Jassim, Chairman of Qatar Islamic Bank, submitted a fifth and final offer for 100% of the club. Ratcliffe, Chief of Ineos Group, had wanted to purchase around 60% of the club in a proposal that would enable the Glazers to remain for a set period ahead of a sourced buyout.

The Glazers, which currently owns the club, were initially keen to retain shares but have agreed to hand over 100% of the asset. Reports suggested they faced fan backlash over their hesitancy to sell the club.

In 2005, The Glazers bought Man United for around $1 million and were expected to profit from their investment.

The Qatari royal’s bid indicates GCC investors’ interest in football. Sheikh Jassim’s plans for Man United include investing in and upgrading the club’s stadium and training ground.

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