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Business record of Man United bidder Sheikh Jassim questioned by UK government officials

United Kingdom government officials have expressed reservations over Sheikh Jassim bin Hamad Al Thani, reports Bloomberg.

The Qatar Islamic Bank chairman has tabled a bid to buy Manchester United after the Glazers put the club up for sale.

Sheikh Jassim is seen as the favourite to win the race to own the Red Devils.

He is being challenged by Sir Jim Ratcliffe and Thomas Zilliacus for the Old Trafford club.

However, previous regulatory failings at the UK unit of the QIB have raised concerns.

The government is unlikely to intervene as the Qatari looks to buy Man United.

However, senior government officials working on football governance could make a move.

They may exert pressure on the Premier League during the Owners’ and Directors’ Test.

The Bank of England fined the UK unit of the QIB £1.4 million in 2016 for violating capital requirements.

The violations left the firm exposed to high levels of risk.

The bank, where Sheikh Jassim has been chairman since 2006, failed to meet some of the basic regulatory standards at the time.

The UK want to protect football clubs from owners who might pose a risk to their stability.

Plans for an independent football regulator have been confirmed as the government looks to prevent clubs from going burst.

Having watched QIB violate capital requirements under Sheikh Jassim, it is only normal for concerns to arise as he looks to buy Man United.

QIB made it clear that they took ‘remedial action’.

The Bank of England also confirmed they underwent significant restructuring to stop similar breaches.

The Qatar Islamic Bank is not playing any role in Sheikh Jassim’s bid.

He tabled his offers via his Nine Two Foundation and is waiting for Raine Group on the next steps of the process.

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