UK government officials have expressed concerns over Sheikh Jassim bin Hamad Al Thani’s bid for Manchester United.
According to Bloomberg, they have privately flagged concerns over the Qatar-based investor’s offers for the Red Devils.
Al Thani has lodged two separate bids for the club, with the second believed to be an improved amount to try and sway the Glazer family into selling their majority stake. The Americans want around £6 billion if they are to part ways with England’s most successful team.
The report suggests that the government seemingly have no plans to intervene with the process, but their reservations may heap pressure onto the shoulders of Premier League officials in regards to the Qataris’ suitability to own the club.
Bloomberg states: “The reservations by officials relate to Sheikh Jassim’s management of QIB (Qatar Islamic Bank), centering on a £1.4 million fine imposed on the UK unit in 2016 by the Bank of England for violating capital requirements that left the firm exposed to high levels of risk.
“Andrew Bailey, then CEO of the Prudential Regulation Authority and now the BOE governor, said at the time that QIB had ‘failed to meet some of the most basic regulatory standards.’
“The QIB said at the time of the fine that the bank has taken “remedial action,” while the BOE said the bank had since undergone significant restructuring to stop similar breaches. QIB is not understood to play any direct role in the current bid for Manchester United.
The government is currently treading a fine line to balance its stated desire to make Britain a destination for foreign investment, while also considering the need to protect football clubs from owners who might pose a risk to the stable running of a club.”
Takeover latest
In terms of the takeover, news has slowed down in the past week or so since all parties sent over their revised bids to the Raine Group. The Guardian reported that there is no “immediate end” to the sale process and that the Glazers could “cite the banking crisis” as a reason for not wanting to fully sell.
Erik ten hag need to be support this summer so glazer must decide quickly on sale matter before season end coz al thani may come up with a better plan than them. Glazers are slow in transfers eg last summer we should have signed antony at low cost but they delayed until the price was hiked. They act now for the future of the team.