Sheikh Jassim bin Hamad Al Thani may delist Manchester United from the New York Stock Exchange if his bid for the club is accepted.
It has been claimed that the Qatari banker, one of two contenders in the mix to take over from the Glazer family, could follow the example set by Roma owners the Friedkin family. The Italian club had been listed on the Borsa (their country's stock exchange) for more than two decades before their withdrawal in 2022.
United went public on the New York Stock Exchange in 2012, several years into the ownership of the Glazer family. The club had been listed on the London Stock Exchange for a period several years earlier.
“I think the investment plan of Sheikh Jassim is very similar to that of the Friedkin Group at Roma but on a larger scale,” football finance analyst Viva Mukherjee told Football Insider. “The group bought a 86.6 per cent majority equity of AS Roma for £510million in 2020, of which £331million of that was debt amassed by the former owner.
“In a similar sense, the Qatar bid includes paying off the gross debt of £725million at Old Trafford. The Friedkin Group needed 95 per cent equity to delist the Italian club from the stock exchange – a stake that Jassim would own at Old Trafford if he successfully won the takeover.
“I believe Jassim will want to do similar and delist United from the stock exchange should he become the new owner. His bid for the club is around $6.3billion (£4.95billion), with a large majority of that fee set to be paid to the Glazers and the club’s shareholders.”
“It is the opposite to the [Sir Jim] Ratcliffe bid, where the debt of the club will likely remain and the club could continue to be traded on the stock exchange.”
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United's share price rose to $23.80 in mid-June, its highest point in a month. It has since climbed even further, sitting at $25.12 at the time of writing.
Sheikh Jassim's company appears to have received UK approval, prompting further optimism about a Qatari takeover. Nine Two Holdings has been incorporated in the UK, and lists the banker as one of two directors.
The Glazer family publicly announced plans to explore a sale of the club, among other potential strategic alternatives, back in November 2022. Following multiple rounds of bidding, the final decision is expected to lead to Sheikh Jassim or INEOS chief Sir Jim Ratcliffe being named as the new owner, though reports throughout the process also indicated that the current owners had continued to explore the prospect of remaining on board.
