Sheikh Jassim stance on Man Utd takeover as Government flag concerns over bid
Sheikh Jassim bin Hamad Al Thani does not expect the government to stop him from completing a takeover of Manchester United.
Officials from Rishi Sunak's government have raised concerns about regulatory failings at the UK unit of the Qatar Islamic Bank (QIB), which Sheikh Jassim chairs. It is claimed they may put pressure on the Premier League to scrutinise the bid if successful.
The Glazers put United up for sale in November and Sheikh Jassim is one of the frontrunners. His biggest rivals are INEOS chief Sir Jim Ratcliffe and Finnish entrepreneur Thomas Zilliacus, while other parties are interested in purchasing a minority stake.
According to the Daily Mail, Sheikh Jassim is not worried about the government thwarting his bid. The Qatari banker claims his offer comes from his Nine Two Foundation, which means QIB is not directly involved. There is some scepticism about this claim.
Critics believe QIB or the Qatari state are behind Sheikh Jassim's bid due to his ties. He is the son of Hamad bin Jassim bin Jaber Al Thani, the former prime minister of Qatar. QIB is also the largest Islamic bank in Qatar and one of the country's biggest companies.
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Earlier this week, it was reported that a £1.4million fine was handed down to QIB's UK unit by the Bank of England seven years ago. The fine was levied against QIB for violating capital requirements that left the bank exposed to high-risk levels.
Sir Jim Ratcliffe is Sheikh Jassim's biggest rival for Manchester United (DIRK WAEM/AFP via Getty Images)How do you see the Manchester United takeover saga unfolding? Let us know in the comments below!
QIB was accused of failing to recognise it had to comply with regularly requirements relating to the assessment and maintenance of financial resources and capital. A regulator did not recognise that QIB had undergone re-structing and put a new board in place.
"In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards," said Andrew Baily, who was the CEO of the regulator in question - the Prudential Regulation Authority - at the time.
"It is essential that regulated firms are aware of, and have the systems in place to ensure adherence to, regulatory requirements. QIB's failures in this regard were serious, which is why we considered it appropriate in this case to impose a fine."
Representatives of Sheikh Jassim declined to comment when asked about the allegations. There is no suggestion the government will stand in the Qatari banker's way, as they have brokered lucrative investment deals with Qatari wealth funds since Brexit.
Sheikh Jassim, Ratcliffe and the other bidders submitted their revised offers to the Raine Group, who are overseeing the sale of United, last month. They are expected to receive a response before Easter, but it's unclear how the processes will unfold.
Raine could seek another round of bidding or enter a period of exclusivity with a preferred bidder. Whatever happens, the takeover process is expected to be gather pace between now and the summer - when the transfer window opens.
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