By Senad Karaahmetovic
Qatar-based investors are preparing a bid for the legendary soccer club Manchester United (NYSE:MANU), according to a report in Bloomberg News today.
The consortium of investors based in Doha is working on a bid that will be tabled by the end of the week. Investors are receiving help and support from officials at Qatar Investment Authority (QIA).
New York-based Raine Group is advising the Glazer family, which owns the club. The bank set February 17 as a deadline for bids. Several reports from last week noted that the bank expects at least five serious bidders to come forward. Only Jim Ratcliffe, the British billionaire, confirmed his intention to buy Manchester United.
Qatar Sports Investments, a separate Qatar-based entity, already owns the French club Paris Saint-Germain. UEFA, Europe’s top soccer governing body, doesn’t allow two clubs owned by the same entity to compete in Europe’s biggest competitions.
Bloomberg reports that no final decision has been taken about which Qatari entities will ultimately provide capital for the Manchester United bid.
Manchester United shares are up a further 5% in pre-open Monday.