Is ManU the next whim of Gulf countries in the Premier League?
After the United Arab Emirates bought Manchester City and Saudi Arabia bought Newcastle, Qatar, which already owns PSG, seems to be in a good position to acquire Manchester United. An interest that confirms the charm of the Premier League, but raises many questions.
Announced at the end of November, the possible sale of the 'Red Devils' will pass a key stage this Friday, when the deadline to submit offers to the US bank Raine expires, which was already responsible for the sale of Chelsea last year.
So far, the petrochemical group Ineos, owned by British billionaire Jim Ratcliffe, has been the only candidate to officially express interest, but the sale of a club of such magnitude, owned by the Glazer family since 2005, is a unique opportunity.
According to the British press, Qatar's offer would amount to £4.5 billion (€5.1 billion, $5.4 billion).
In the event of United's takeover, regulatory issues would still need to be resolved, as UEFA prohibits two clubs with the same owner from competing in the same European competition.
This argument, which could affect Ratcliffe, who already owns French team Nice, does not seem insurmountable.
Salzburg and Leipzig both belong to the energy drink giant Red Bull and, thanks to certain guarantees given to the authorities, it has never been a problem.
TV rights and global echo
According to a source close to the operation, contacted by AFP, the Qatari offer would not be presented on behalf of Qatar Sports Investments, the group that owns PSG, or its parent company, the sovereign wealth fund Qatar Investment Authority, but "a completely different fund".
"There is no risk that United and PSG will not be able to participate in the same European competition if a Qatari company buys the English club," insisted this source.
The operation will also need the Premier League's green light, but that doesn't seem to be a major obstacle either.
The purchase of Newcastle less than two years ago, by a consortium that is 80% owned by the Saudi sovereign wealth fund, faced difficulties, but not so much because of the guarantees required for the club's independence from the Gulf monarchy, but because of a case of piracy by the Saudis in the broadcast of the competition in the region, whose rights were owned by the Qatari channel BeIN Sport.
The issue of human rights, which also arose in the Newcastle operation, will have no effect. The recent World Cup has shown that Qatar should not be greatly concerned about concrete manifestations of international disapproval.
The recent massive fraud accusations made by the Premier League against Manchester City could, however, tarnish the aura of Gulf investors, but blocking a Qatari takeover could be considered an abuse of power.
The interest of Qatar and Gulf countries in the Premier League, the world's leading football championship both in terms of sport and finance, with its gigantic television rights and global reach, is not surprising.
"A new escalation"
But this interest "should not only be seen from an economic perspective," emphasized Danyel Reiche, an associate professor at Georgetown University in Qatar, to AFP.
"It aims to improve the brand image of the countries in the region and serves as a tool for international relations," adds this sports specialist who led a study on the 2022 World Cup.
"No other championship in the world has the international exposure of the Premier League. That's why the purchase of Manchester United would be completely coherent," he insists.
Seeing both Manchester clubs controlled by the United Arab Emirates and Qatar would even represent "a new escalation between the two countries whose relations have deteriorated in recent times," says Reiche.
The bill, however, will have nothing to do with the €70 million that QSI paid for PSG in 2011 or the €230 million that Abu Dhabi paid for City in 2008.
The Glazers spent €900 million, a debt that a large part was paid by the club, for United, but its stock value has increased by 60% since it was put up for sale, surpassing €3.6 billion in value.
Although the club, which has to settle for playing in the Europa League, is (slightly) better off on the field and is currently third in its league, it will face significant challenges off the pitch: €580 million in debt, €345 million in unpaid transfer fees, and a stadium, Old Trafford, to renovate or even rebuild after being "abandoned" by the Glazers.
But none of that seems to scare Qatar, which could set a record, that of the largest investment in the purchase of a sports club in history. AFP