Raine Group co-owner details how Sheikh Jassim’s mega-money United bids were overlooked in sale process

Sheikh Jassim bin Hamad Al-Thani submitted five eye-watering bids for a full acquisition of Manchester United in 2023 but was ultimately pipped in the sale process by English businessman Sir Jim Ratcliffe.

The two parties went head-to-head after the Glazer family opened up for outside investment in late 2022, sparking optimism among the United faithful that their almost 19-year, tumultuous reign could finally come to an end.

Sheikh Jassim was bidding for what he hoped would be complete ownership of the 20-time champions, while Ratcliffe had planned for the Americans to stay in some capacity over the coming years while he took control of sporting matters.

It was the latter’s proposal that was ultimately favoured by the Glazers and The Raine Group, who were overseeing and advising throughout the process, as the INEOS boss appeared the value the club higher in his prospective staged buyout. 

Qatari banker Al-Thani formally withdrew from the race in October 2023 and in February 2024, Ratcliffe’s 25 per cent stake was officially announced by United after a lengthy period of ratification from the Premier League.

Raine Group chief opens lid on bidding process

Speaking to The Times, Raine Group partner and co-founder shared some insight into the Sheikh’s failed approaches. 

“We met Jassim. He was in New York. He’s a lovely guy; a very smart guy. The Qataris were very real. They were very smart guys, very thoughtful. I don’t know why they didn’t appreciate the value [of the club] but we were not their adviser. We tried as the seller to explain the value to them, and they put what they thought was a series of very serious bids on the table.

“My clients [the Glazers] are also smart guys. We thought the value would be around $6.5 billion [about £5 billion], so we were kind of spot on with regards to where Ratcliffe ended up. But when the Washington Commanders [NFL team] went for $6 billion we all thought: ‘Well, United is the most important sports team in the world; more than a billion fans. The Commanders own one 32nd of the NFL. Their economics are severely limited by the commercial sharing caps placed on it by the league. We know that because the Glazers also own a NFL team. Therefore if someone is willing to pay six billion for the Commanders, someone should be willing to pay more for United.’

“I think the Qataris got to about $5.75 billion. We said to them, ‘You’re within 10 per cent, why don’t you get in a room and try to get to a deal.’ But they said no. I think they were very conscious of criticism if they were seen to be overpaying.

“Ultimately we think they would have been good owners but we think the Glazers made the right decision not to take the lesser value, and go with Ratcliffe instead.”