Club Sale | It’s done!

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AneRu said:
Jassim is not just his son, he is the son he once entrusted with the running of his vast wealth according to a Bloomberg report posted on here which made the claim that HBJ's wealth is vastly understated, until he decided to branch out on his own. No one really knows what his father is worth, what he allowed the son he holds in high regard, high enough to entrust him with managing his money, to branch out with.

The thing is with PEPs you never really know what they are worth or the avenues available to them to make obscene money. Even though its highly unlikely, its plausible that Jassim might have 3b of his own that his putting up, other brothers (remember he said his sons were pushing him) a couple of billion that they can spare and the father then agrees to add to what they have managed to raise.

Their father was Finance Minister, Chairman of the QIA and Prime Minister over a period spanning 18 years in a authoritarian regime that controls vast reserves of oil and gas. He was the spearhead of their outward investments, accountable to only one man who he has a close relationship with. He had the opportunity to loot as much as possible and by all accounts he did. I wouldn't be surprised if he set up all his sons to have enough seed money to be rich on their own.
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So he looted tens and tens of millions of dollars from the state for his and his sons' personal wealth, and the state was just cool with this level of theft?
 
This is headed to the end game now, what Qatar want, they get, Utd with Qatar as owners will be elevated to an absolute powerhouse, on and off the pitch, scary hours.
 
FujiVice said:
If Qatar pays 6 billion for us, you'd be a mug to think this club isnt going to go dominate in the very near future. This is a regime who clearly wants to have the biggest cock at the urinal.
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Absolutely , we're somewhat unique in that we've never seen a club with such massive status be taken over by a state. We don't need to cook the books to have very lucrative sponsorships with Qatari Airways or the like, we legitimately have the kind of profile to warrant sponsorships like that. We've spent a lot while paying 350m over the last decade between dividends and interest payments and we already seem to have a good base under ten hag, I'd imagine if we are bought by Qatar, we'll be the best team in the world within 5 years
 
AneRu said:
He had the opportunity to loot as much as possible and by all accounts he did. I wouldn't be surprised if he set up all his sons to have enough seed money to be rich on their own.
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So he is wanted in Qatar for corruption and siphoning state funds?
 
MiamiSpartan said:
So he looted tens and tens of millions of dollars from the state for his and his sons' personal wealth, and the state was just cool with this level of theft?
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I think looting is the wrong term, he was the 2nd most powerful man in the country with a close relationship with the most powerful and was in charge of their investments, he likely got a very sizeable cut given these facts. It's not looting, but he likely did make himself very rich from it
 
FujiVice said:
If Qatar pays 6 billion for us, you'd be a mug to think this club isnt going to go dominate in the very near future. This is a regime who clearly wants to have the biggest cock at the urinal.
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But it'll be unfair and boring and will be a cheat code. Or something like that
 
Rood said:
No I don't - typical lazy journalism nowadays. TBF they have no way of knowing what he's actually worth.

But I know exactly where it comes from and yes part will undoubtedly have come from commissions/shares he earned for doing big deals for the sovereign wealth fund. But that doesn't make it a state bid and even if it was it wouldn't bother me much.
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Ok, you know exactly where your estimation of several tens of billions that no one knows about comes from. Come on. Even the guesses youre making, you're talking about deals he was involved in with no idea how much he made on those deals. Deals that were on behalf of the government of Qatar, which means the government would surely have gotten far and away the biggest chunk.
 
jm99 said:
I think looting is the wrong term, he was the 2nd most powerful man in the country with a close relationship with the most powerful and was in charge of their investments, he likely got a very sizeable cut given these facts. It's not looting, but he likely did make himself very rich from it
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Sure, that's how he amassed 1-2 billion in wealth. That's not easy to do, even in Qatar. To think that he legally (by Qatar rules) amassed 10-20x that without anything to support that number, and which publications like Forbes would never think to consider, all just feels like Newcastle fans convincing themselves that the PIF was completely separate from the Saudi state.
 
MiamiSpartan said:
Sure, that's how he amassed 1-2 billion in wealth. That's not easy to do, even in Qatar. To think that he legally (by Qatar rules) amassed 10-20x that without anything to support that number, and which publications like Forbes would never think to consider, all just feels like Newcastle fans convincing themselves that the PIF was completely separate from the Saudi state.
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Forbes seem to be estimating his wealth from his known assets which seem to be a painting and a boat among other things, they'd likely have no idea of what his cut of arranging deals for a huge state run investment fund would be
 
MiamiSpartan said:
So he looted tens and tens of millions of dollars from the state for his and his sons' personal wealth, and the state was just cool with this level of theft?
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If he was mates with the previous Emir who happens to be the father of the current one then yes he'd be protected as long as his mate is alive. Maybe that's why he needs high profile acquisition such as this to get his family back in the papers and have a soft landing pad if things go south there! Owning United will put his family back in the spotlight and that could give him the shield he needs against future persecution when the day of reckoning comes.

Don't discount that the bid could be state backed, the Emir was reportedly pleased with how successful the World Cup was and he encouraged business people there to get more involved in football. I wouldnt be surprised if the funds are there from the state to support such an acquisition but I wouldnt rule out their family being rich enough to pull off the purchase on their own.
 
I heard, from someone itk, that there are massive queues at the Qatary post offices as it’s pension day. Maybe that explains the delay as Jassim is having to wait to draw his savings out.
 
MiamiSpartan said:
Ok, you know exactly where your estimation of several tens of billions that no one knows about comes from. Come on. Even the guesses youre making, you're talking about deals he was involved in with no idea how much he made on those deals. Deals that were on behalf of the government of Qatar, which means the government would surely have gotten far and away the biggest chunk.
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Of course they would but you are talking about a fund he managed worth £200bn+ so only needs to be a small % to still be vast amounts

It's then we'll documented that Sheikh Jassim Jr was tasked with investing the money his father made into a family office doing deals like this:
https://www.oerlive.com/qatar/former-qatari-pm-cashes-in-with-333-million-london-hotel-sales/

You are right mine is an estimate but I'm confident my estimate is better than Forbes or The Sunday Times - there is enough info out there to show their estimates are ridiculously low
 
jm99 said:
Forbes seem to be estimating his wealth from his known assets which seem to be a painting and a boat among other things, they'd likely have no idea of what his cut of arranging deals for a huge state run investment fund would be
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In any sort of normal situation, you get several million a year for running a large sovereign wealth fund, but tens of billions would be corruption.
 
MiamiSpartan said:
Sure, that's how he amassed 1-2 billion in wealth. That's not easy to do, even in Qatar. To think that he legally (by Qatar rules) amassed 10-20x that without anything to support that number, and which publications like Forbes would never think to consider, all just feels like Newcastle fans convincing themselves that the PIF was completely separate from the Saudi state.
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Its not that difficult if you are the guy calling the shorts, for example Qatar spent $200b on the World Cup iirc, how much of that do you think was siphoned to private pockets through manipulation of tendering processes?

Up until 2021I used to work for the government in procurement of state projects and I knew the chain of people who were bribed each time a contractor was paid. A contractor leaving up to 20% of his invoice value in the hands of civil servants wasn't unheard of. Then there would be that one contractor that everyone knew belonged to the boss, he would leave his cut only to the boss andthe figure would be 10%. These projects were small, maybe one million there, five million here but the side payments were made or the contractor knew he wouldnt get paid.

Now expand that scenario to an oil rich country with less than 500k people to look after and billions coming in daily. He is the guy who made the decision whether to invest in this bank or that fund and he didn't even need to steal from his state, well literally, as anyone in need of capital knew he had to pay him off inorder to secure investment for the growth of his firm or the execution of their project. The kickbacks he would have had access to would have Blatter and Platini wishing they felt Qatari.
 
Kinsella said:
getmecoat-gif.61424
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Haa!! This has made my night. I rofl’d.
Only slightly insulted.:smirk:
 
jm99 said:
I reckon it's just about possible that his dad is rich enough to do that, it's probably not possible that he's rich enough to do that for one of his children and still maintain his own wealth. I reckon his dad would need to be worth 40bn plus to be doing that, and that would mean estimates being off by a factor of 40.

Not to mention you look at other clubs where clearly there's an effort to hide that it's a state owned club, and it's the far more likely idea that jassim is purchasing us on behalf of the state
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I don’t think a ‘private’ wealthy individual would buy Utd unless they were worth in excess of 100bn. Makes no sense based on likely return and the stress. Would need to be seriously wealthy enough for Utd to just be a hobby for them. That’s why I don’t understand SJR’s bid.
 
MegadrivePerson said:
Is the Thomas Zilliacus bid similar to how clubs in Germany are run? If so I'd be on board with that idea.
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Don’t know. But I do think he’s just chasing publicity. It’s actually getting a bit disgusting. How Man Utd is getting treated, obviously by the Glazers, but also now to an extent the two ‘serious’ bidders… and definitely this Zilliacus guy just using us for publicity.

It’s ironic but the only group who conducted themselves professionally are actually the worse outcome for us and that’s Elliot Group. When you think about their relative silence is stating to look good in comparison to all the “we’ll do this” “but we’ll do that” and “ Actually I’ll do this” stuff by people who even if they don’t buy us have gotten a tone of free advertising from our name.
 
Amsterdam Devil said:
So now there is no deadline anymore?

I haven’t followed the Chelsea sale that closely but I can’t remember it being such a disorganized process as this United sale is.
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There never was a deadline. It’s a business deal not a transfer window.

Next you’ll be complaining they aren’t talking to Sheikh Jassim through the window of his car outside Doha Tower
 
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