A consortium led by Sheikh Jassim bin Hamad Al Thani, chairman of Qatar Islamic Bank, announced on Friday that it had submitted an offer to take over English Premier League club Manchester United.
Sheikh Jassim joins Ineos founder Sir Jim Ratcliffe in seeking to acquire the club from the Glazer family.
Like Sir Jim, he claims to be a boyhood fan of the club and has indicated his bid would leave the club debt free, in contrast to the Glazer family’s controversial leveraged buyout in 2003.
“Sheikh Jassim bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club,” a statement read.
The statement did not give details on the amount proposed in the bid for the club but the price could reach a record €6 billion, reports say.
“More details of the bid will be released, when appropriate, if and when the bid process develops,” said the statement, which added that the bid “will be completely debt free”.
“The bid plans to return the club to its former glories both on and off the pitch, and — above all — will seek to place the fans at the heart of Manchester United Football Club once more,” the statement read.
“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.
“The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence and regarded as the greatest football club in the world.”
The American Glazer family completed their takeover of the 20-time English champions in 2005, and announced in November that they were open to a sale or investment.
The Glazers bought United in a £790 million ($938.9 million) leveraged buyout, and had been unpopular with fans even before last year’s move to join a breakaway European Super League.
Manchester United has brought in The Raine Group to assess offers.
Prospective investors need to demonstrate seriousness in a swift process, leading to suggestions that United could even be under new ownership by the end of the 2022-23 season.
United team boss Erik ten Hag has maintained that the mounting takeover rumours will not serve as a distraction to him or his squad before Sunday’s Premier League clash with Leicester.
“We are following it,” ten Hag said. “It’s our club and of course we are committed. But we are focusing on football, on training and our way of play, on games. That is what we are focusing on.
“We are really enjoying in the moment with the togetherness. It’s enjoyable to work. We are focusing on games, so others in the club will have to take decisions, give efforts in the process but it’s not up to us.”
Asked if he had spoken to United chief executive Richard Arnold or any of the Glazer family about what could happen with the takeover, ten Hag said: “No. Just, I will say, from the start, yeah, they involved me, how the process will [be] going.
“I focus on football. They are focusing on other parts, departments of the club. How to get everything, for instance, financed.”
FIXTURES
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Oct 13: Indonesia (a)
Nov 12: Thailand (h)
Nov 17: Vietnam (h)
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
