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Taiwan Sees Second Chinese Air Incursion as US Agrees Arms Sale

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Taiwan Sees Second Chinese Air Incursion as US Agrees Arms Sale
Taiwan Sees Second Chinese Air Incursion as US Agrees Arms Sale (Image: Taiwan Ministry of National Defense via AP Photo)

Seventeen Chinese J-10 combat planes and four advanced Shenyang J-16 fighters entered Taiwan’s air defense zone just as the US announced a potential $619m weapons sale.

Taiwan has reported a large-scale Chinese air force incursion into its air defense zone for a second day running, just as the United States approved the potential sale of $619m in weapons to the island – including hi-tech missiles for Taiwan’s F-16 fighter jets.

Taiwan’s defense ministry said a total of 21 Chinese combat planes – 17 Chengdu J-10 multirole fighters and four advanced Shenyang J-16 strike fighters – had flown into the southwestern corner of the island’s air defense identification zone (ADIZ) on Thursday.

The J-10s, an older fighter model that first entered service 20 years ago, flew closer to the Chinese coast than Taiwan’s, while the J-16s, a much newer and more advanced fighter, flew in an area to the northeast of the Taiwan-controlled Pratas Islands, according to a map of the incident released by the ministry.

https://twitter.com/MoNDefense/status/1631106498280714240

A further eight Chinese aircraft and four Chinese naval vessels were also detected operating off the coast of Taiwan but did not enter the ADIZ, the ministry said.

Taiwan’s armed forces were monitoring “the situation and tasked CAP [combat air patrol] aircraft, Navy vessels, and land-based missile systems to respond to these activities,” the defense ministry said in its statement.

On Wednesday, Taiwan reported that 19 Chinese air force combat planes had entered the air defense zone in the previous 24 hours.

China has not commented on its recent military activities near Taiwan. In January, Beijing said it staged combat drills around the island to “resolutely counter the provocative actions of external forces and Taiwan independence separatist forces”.

Washington’s announcement of the potential sale of almost $620 in hi-tech arms to Taiwan is likely to further heighten tensions between the US and Beijing.

The Pentagon said on Wednesday that the US State Department had approved the potential sale to Taiwan of arms and equipment including 200 anti-aircraft Advanced Medium-Range Air-to-Air Missiles (AMRAAM) and 100 AGM-88B HARM missiles that can take out land-based radar stations.

“The proposed sale of this equipment and support will not alter the basic military balance in the region,” Taiwan’s defense department said in a statement.

The weapons sale will “contribute to the recipient’s capability to provide for the defense of its airspace, regional security, and interoperability with the United States,” it added.

Taiwan’s defense ministry said the missiles would help “effectively defend the airspace to deal with threats and provocations from the Communist military” and would bolster defense stockpiles.

Raytheon Technologies and Lockheed Martin are the principal contractors, it added. China has sanctioned both companies for selling Taiwan weapons.

Taiwan has complained for years of stepped-up Chinese military activities near the island as Beijing seeks to assert its claims over the democratically-run Taiwan. China maintains its activities are justified as it seeks to defend its territorial integrity and has warned the US against “colluding” with Taiwan.

Source: AL JAZEERA AND NEWS AGENCIES

Tata Group’s Talks Over $1 Billion Bisleri Stake Stall

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Tata Group's Talks Over $1 Billion Bisleri Stake Stall
Tata Group's Talks Over $1 Billion Bisleri Stake Stall (Image: Flipboard)

Tata Group’s talks for a majority stake in Bisleri International Pvt, one of India’s largest bottled water makers, have stalled overvaluation, according to people familiar with the matter.

The Indian conglomerate had been in advanced discussions to take control of Bisleri and the parties were working on finalizing the structure of a transaction, the people said. Bisleri’s owners were looking to raise about $1 billion from a deal, the people said. Negotiations later hit a snag as the companies were unable to agree on a valuation, said the people, who asked not to be identified as the information is private.

Discussions between Tata and Bisleri could still resume, and other potential suitors may emerge, the people said. Representatives for Tata and Bisleri declined to comment.

Bisleri traces its roots to 1949 when Shri Jayantilal Chauhan founded soft drinks maker Parle Group, which acquired Bisleri from an Italian entrepreneur in 1969, according to its website. It said it has a 60% share of India’s bottled mineral water market. The company also manufactures hand sanitizer. Bisleri was in talks to sell a stake to Tata, Bisleri Chairman Ramesh Chauhan said in a local television interview in November.

For Tata Group, acquiring Bisleri could have expanded its portfolio of bottled water brands in India. One of the conglomerate’s listed units, Tata Consumer Products Ltd. owns the Himalayan Natural Mineral Water and Tata Water Plus brands.

Source: Bloomberg

A $19 Billion Derivative Bond Trade in India Will Unwind with Modi’s New Tax

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A $19 Billion Derivative Bond Trade in India Will Unwind with Modi's New Tax
A $19 Billion Derivative Bond Trade in India Will Unwind with Modi's New Tax (Image: Bloomberg)

A derivative trade that boosted demand for India’s sovereign bonds by billions is at risk from a proposed tax, piling pressure on a market straining under record government borrowings. 

Analysts say a New Delhi plan to tax high-value insurance policies will reduce demand, leading the industry to cut back on bond investments. For the past two years, banks have boosted the amount of debt bought for interest-rate swaps offered to insurers. 

The transactions enabled insurers to lock in future yields without enlarging balance sheets, and by some estimates account for $19 billion worth of sovereign bonds purchased by banks. Should that demand drop, pressure may mount on the Reserve Bank of India to support the market as Prime Minister Narendra Modi increases debt sales. 

Government debt purchases due to the trade may drop by 15% to 20% with the tax change, according to Ashhish Vaidya, head of treasury at DBS Bank Ltd. in Mumbai. Along with the increase in national borrowings, there’s going to be “a demand shortfall of 2.5 trillion rupees which will require either RBI stepping in or flows from fixed-income real money funds,” he said.

The trade, known as a bond forward-rate agreement, has led to robust demand for long-tenure bonds in recent months. While the yield on the benchmark five-year debt surged more than 140 basis points last year, it only rose by 39 basis points on the 30-year note. 

The rate agreement works by insurers locking in yields offered on long-tenure debt — typically 10 to 40-year bonds — for the next two to six years, according to HDFC Life Insurance Co. That eliminates the risk of fluctuating rates. Banks get a spread over their cost of funds and hedge by buying the debt. 

The notional outstanding amount of bonds held by banks offering the deal may be around 1.6 trillion rupees ($19 billion), according to ICICI Securities Primary Dealership Ltd. and Star Union Dai-ichi Life Insurance Co. The trade, which has further picked up in recent weeks ahead of the tax change from April, is cash-settled, according to traders. 

The “sizable demand for longer-tenor traditional insurance products in recent years has resulted in substantial demand for bond FRAs,” said Ram Kamal Samanta, senior vice president for investment at Star Union Dai-ichi Life Insurance. “The budget tax is likely to lower the demand for traditional insurance products. Hence FRA demand is likely to cool down with lower hedging requirements.”

The government plans to borrow 15.4 trillion rupees in the fiscal year starting April 1, an 8.4% increase from the current period, as Modi seeks to bolster economic growth ahead of elections next year.  

Insurance demand has played a key role in recent years in keeping a lid on India’s bond yields, helping a government with one of the highest budget deficits in Asia.

Source: Bloomberg

Israel and Palestinians Pledge to Reduce Violence

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Israel and Palestinians Pledge to Reduce Violence
Israel and Palestinians Pledge to Reduce Violence (Image: Getty Images)

The Israeli government and the Palestinian Authority have announced a joint commitment to take immediate steps to end a surge in violence.

The move has emerged from rare talks in Jordan, also attended by US and Egyptian officials.

The meeting agreed to support confidence-building steps and “to work towards a just and lasting peace”.

As the talks took place, a Palestinian gunman shot dead two Israelis in the occupied West Bank.

The Israeli military said it was pursuing the gunman and reinforcing troop numbers in the West Bank, deploying two additional battalions. It confirmed that one of those killed in the village of Hawara, near Nablus, was a soldier.

Israel’s government described the killings in Hawara as “a Palestinian terror attack”.

Hours after Sunday’s shooting, a large group of settlers entered the same village and began throwing stones and setting trees and cars alight.

At least 15 houses and several cars have been burned, according to Palestinian sources. Several families had to be evacuated from their homes.

The Palestinian Red Crescent emergency service said hundreds were injured.

Nearby in the West Bank, in Za’tara, a Palestinian man was killed after being shot when Israeli settlers and soldiers entered the village, Palestinian health officials say.

The summit in the Red Sea resort of Aqaba was called following a recent rise in deadly violence that has stoked fears of a wider conflict.

It brought together Israeli and Palestinian security chiefs for the first time in many years. The US president’s top Middle East adviser, Brett McGurk, was also present.

The first point of the summit’s communique read: “The two sides [Palestinian and Israeli] affirmed their commitment to all previous agreements between them, and to work towards a just and lasting peace.

“They reaffirmed the necessity of committing to de-escalation on the ground and to prevent further violence.”

According to the statement, Israel committed to stopping discussing new settlement buildings for four months. In return, it is understood the Palestinians will not take action against Israel at the UN.

The five parties also agreed to hold further talks in Sharm el-Sheikh, Egypt, next month.

US National Security Adviser Jake Sullivan said he “welcomed” the commitments made by both sides, adding that more work is needed in coming months “to build a stable and prosperous future for Israelis and Palestinians alike”.

But Israeli Finance Minister Bezalel Smotrich – the leader of the far-fight grouping in Benjamin Netanyahu’s governing coalition – said “there will not be a freeze on construction and development in the settlement, not even for one day”. He added that the Israel Defence Forces (IDF) will “continue to act to counter-terrorism” without limitations.

Palestinian militant group Hamas, which controls the Gaza Strip, condemned the Palestinian Authority (PA) for taking part in what they called “worthless” talks.

The attack on two Israelis at Hawara on Sunday has underlined the lack of influence the PA has over armed groups and lone-wolf attackers.

There was no immediate claim of responsibility for the shooting, which took place on a busy road that often sees friction between Palestinians and settlers.

In response, Netanyahu said his administration would “continue to act by all means… to deter the terrorists and maintain Israel’s security”.

More than 70 were killed this year

Since the start of this year, more than 60 Palestinians – militants and civilians – have been killed by Israeli forces, and on the Israeli side, 13 people have been killed in attacks, all civilians, except for a paramilitary police officer.

The recent flare-up in violence has included two Israeli military raids – in Jenin refugee camp and Nablus Old City which killed 10 and 11 Palestinians respectively – in the most deadly operations of their kind since 2005.

In both cases, the IDF said the aim was to arrest wanted men who had carried out shooting attacks targeting settlers or soldiers and were planning further attacks. Palestinian militants and civilians were killed.

Last month, a Palestinian shooting attack outside a synagogue in a settlement in occupied East Jerusalem killed six Israelis and one Ukrainian citizen – the deadliest attack of its kind since 2008.

There is particular concern about the rising tension in the coming weeks when the Islamic holy month of Ramadan will again overlap with the Jewish Passover holiday.

Source: BBC

South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product

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South Africa Added to FATF 'Grey List' Despite Designation of Crypto as a Financial Product
South Africa Added to FATF 'Grey List' Despite Designation of Crypto as a Financial Product (Image: Shutterstock)

In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks.

A Setback for South Africa

The global financial crimes watchdog, the Financial Action Task Force (FATF), has added South Africa to its grey list, which is a group of countries that are “committed to resolving swiftly the identified strategic deficiencies within agreed timeframes.” According to one report, the inclusion of South Africa in the FATF’s so-called grey list is a major reputational setback for the country which has been eager to avoid being added to the list.

As reported by Bitcoin.com News, a South African financial industry regulator designated crypto as a financial product after the FATF reportedly voiced its concerns over the lack of regulation of such assets. At the time, some commentators suggested that this move would help South Africa avoid getting grey-listed.

However, in its Feb. 24 statement, the South African Reserve Bank (SARB) seemingly acknowledged that the country has not done enough to avoid getting grey-listed. The bank nevertheless vowed to “strengthen its supervision and further enhance the dissuasiveness and proportionality of administrative sanctions issued.”

Potential Impact on Flow of Capital

The SARB added that banks and other financial institutions also have a role to play in resolving the deficiencies identified by the FATF.

“The SARB expects banks and other financial institutions within its purview to comply fully with all their obligations and applies a high standard of supervision that is necessary to safeguard and protect the integrity of the financial system. These actions, when coupled with measures and actions undertaken by law enforcement and other authorities within South Africa, serve to achieve an effective AML/CFT/CPF system,” the central bank said.

According to a Reuters report, being on the FATF’s grey list could potentially make it hard for South Africa to secure loans from foreign banks perturbed by the watchdog’s move. The report also quotes an International Monetary Fund document from 2021 which suggested that countries on this list will sometimes see the flow of capital into their respective economies getting disrupted.

Source: Bitcoin.com

PCB Calls Emergent Meeting to Decide PSL Fate

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PCB Calls Emergent Meeting to Decide PSL Fate
PCB Calls Emergent Meeting to Decide PSL Fate (Image: PCB)

LAHORE: The Pakistan Cricket Board called an emergent meeting with the owners of all six franchises of HBL Pakistan Super League on Friday to apprise them about the demand of the Punjab government asking for an amount of Rs450 million for providing security to the matches that will be held in Lahore and Rawalpindi from Feb 26 and March 1 respectively.

Dawn has learned through reliable sources that the provincial government has submitted the bill of Rs450 million in addition to the already-paid amount of Rs50 million for the same purpose as per the past practice of the PCB.

But this time, the caretaker government setup in Punjab under Mohsin Naqvi is asking for more. A report last week stated that the Punjab government had demanded a total amount of Rs800 million for matches that were being held in the province.

Matches in Multan have already been completed with the last match in this edition of the glitzy T20 extravaganza in Karachi to be played on Sunday.

Lahore is the designated venue for the final, with one qualifier and two eliminators with fans in the Punjab capital as well as Rawalpindi having already bought tickets for the games.

Differences develop with the Punjab government over security expenses

But the PCB is taking austerity measures after suffering huge losses amounting to Rs1billion in organizing the Pakistan Junior League during the tenure of former chairman Ramiz Raja and it has made up its mind not to pay such a huge amount. Friday’s meeting could, therefore, see matches set for Lahore and Rawalpindi shifted to Karachi.

In stark contrast with the Punjab government, the Sindh government had asked for Rs30 million for matches in Karachi.

“The PCB has never paid such a huge security expense even when organizing the PSL in the United Arab Emirates,” sources said.

“The PCB has the stance that since the PSL is a national brand, serving a huge national purpose, therefore the government should come out with open heart for it.”

The main security expense incurred for holding PSL matches is the installation of lights on both sides of the routes of the teams traveling from the hotels to the stadiums — 12-15 kilometers in both Lahore and Rawalpindi — with generators required to power them.

In the past, discussions were held regarding the construction of hotels closer to the stadiums to minimize the security expense but neither the governments nor the PCB showed any serious approach to engaging the private sector in getting that done.

Source: Dawn

The Story Behind Barkhan Tragedy

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The Story Behind Barkhan Tragedy
The Story Behind Barkhan Tragedy (Image: Dawn)

In Balochistan, they say, there is no dearth of unfortunate news. When word got out that the bodies of Khan Mohammad Marri’s wife and two sons had turned up in a well in Barkhan, the grisly news spread like wildfire.

As expected, the bodies of a woman and Marri’s two sons — their coffins shrouded in white — were brought to Quetta the same night as their fellow tribesmen settled down for a protest on Zarghoon Road, in the city’s Red Zone.

This is where the chief minister and governor’s official residences are situated, and it is where everyone — from the families of the disappeared to protesting teachers and even parliamentarians — gathers to make their voices heard.

Like other protests before it, the demonstration against the killing of the three Marri tribe members drew in people from all walks of life.

Background interviews suggest that the story behind the Barkhan tragedy is one of betrayal. Khan Mohammad Marri used to be a bodyguard for Abdur Rehman Kethran.

However, he was forced to flee the district when the Sardar supposedly ordered him to become a witness against his son, Inam Shah, as the two had fallen out with each other. His refusal meant his death, which is why he fled the province.

After his escape, the Sardar allegedly illegally confined Marri’s wife, Granaz, and his seven children, in his private jail.

In recent weeks, a video of the wretched Granaz had gone viral on social media. Holding the Holy Quran, she could be seen pleading for help. Soon after the video came out, however, the bodies of a woman and Marri’s two sons turned up. The protesters, including the Marri family, hold Sardar Kethran responsible for the killings, a charge he denies.

On Wednesday, the bodies of the three victims lay in two ambulances parked along a blocked Zarghoon Road.

Under a vast canopy, carpets are laid out for protesters to sit. There are banners and placards decrying the sardar and state authorities for their failures. Alongside the men who have gathered here, there is also a strong contingent of women and children, who have come to show solidarity with the victims’ families.

The Marri tribe had been demanding the release of the victims ever since their video went viral, Mehruddin Marri, a leader of the All Pakistan Marri Ittehad, tells me. “No one, including the courts and the media, paid heed,” he goes on to lament. “This is why the sardar had them murdered.”

Like him, others at the gathering are angry too. “The raids at his house were a mere drama,” exclaims Jahangir, general secretary of the Marri Ittehad.

As I approach some of the protesters individually, they all seem to have the same demand: arrest Sardar Abdur Rehman Kethran.

Hajira, a young university student, has been at the protest since Tuesday night. “I have come here so that justice prevails, so that such tragic incidents against women and their children may not take place again,” she tells me when I ask what brought her to this demonstration. “I have come here so that the injustices against the Baloch may stop; I have come here to hope against hope, to demand the arrest of Sardar Kethran, because he has taken law into his own hands, despite being a minister in the provincial government; and I have come here to raise voice against the injustice, which is prevalent in our society.”

As I speak to the protesters, I see that the crowds at the sit-in are continuing to swell. It is evening by this time, and some people are buying tea from local vendors — perhaps realizing that they will be there for a while.

Before leaving, I head toward the ambulances to pay my respects to the victims. There is an eerie silence in the evening air; in the distance, a man on a loudspeaker demands justice to be done with Sardar Kethran.

Later at night, it was reported that Granaz had been recovered alive along with two of her children, while the body of the woman found in the well belonged to someone much younger, around 17 or 18.

The question remains, though; will there be justice for the coffins draped in White?

Source: Dawn

US Markets Tumble as Real Estate Weakens

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US Markets Tumble as Real Estate Weakens
US Markets Tumble as Real Estate Weakens

On Tuesday, all four major US benchmark stock indexes fell as real estate data showed home sales dropped by 0.7% last month and Russian President Vladimir Putin suspended the nuclear arms control treaty with the United States. Additionally, the chief U.S. equity strategist at Morgan Stanley said the stock market is in a “death zone” and could drop another 26%.

Investor Fears of a Prolonged Recession Swell, US Tensions with Russia Further Disrupt Global Markets

On Tuesday, markets traded lower compared to the previous day as investors have been shaken by the current macroeconomic backdrop. The National Association of Realtors (NAR) published a report on Tuesday showing the U.S. real estate market weakening, with home sales slipping 0.7% in January. The price of gold and silver as well as the crypto economy dropped, with the latter shedding 1.37% over the last 24 hours, down to $1.11 trillion. Stocks followed the same pattern, with all four major stock indexes (DJI, GSPC, IXIC, RUT) dipping 1.9% to 2.79% lower.

Image: TradingView

The NAR report, coupled with the continued elevated inflation, has investors worried that the U.S. Federal Reserve will continue to hike rates, and some think it could crush the U.S. economy. Moreover, tensions between the United States and Russia rose significantly on Tuesday, and many believe we are on the brink of a third World War. Russian President Vladimir Putin suspended the New START Nuclear Treaty and put missiles on combat readiness.

Image: TradingView

Putin said that the West partook in establishing a “despicable method of deceit” when the U.S. and other nations got involved with Syria, Libya, and Iraq. “Russia suspends its participation in the New START treaty,” Putin stressed at the national event. The nuclear treaty, signed by former presidents Dmitry Medvedev and Barack Obama in 2010, was meant to prevent nuclear testing and war. Putin’s speech isn’t sitting well with global investors, as the Ukraine-Russia conflict has dampened the global economy.

Morgan Stanley Strategist Warns of ‘Death Zone’ for US Stock Market

Furthermore, Morgan Stanley strategists do not believe the US central bank and chair Jerome Powell will pivot this year. The chief U.S. equity strategist at Morgan Stanley, Michael Wilson, has warned that the stock market is now in the “death zone.” Wilson detailed that the “death zone” name is a common term in mountaineering, where people who climb to extremely high altitudes lose oxygen. Wilson believes equity markets are in a similar death zone, and he predicts the S&P 500 (GSPC) could slide 3,000 points in a quick period of time.

“Many fatalities in high-altitude mountaineering have been caused by the death zone, either directly through the loss of vital functions, or indirectly by wrong decisions made under stress or physical weakening that lead to accidents,” Wilson explained in his note to investors. “This is a perfect analogy for where equity investors find themselves today, and quite frankly, where they’ve been many times over the past decade.”

Between the economy’s rising inflation, the U.S. real estate slump, and rising tensions with other nations, the issues in the U.S. keep mounting. The headwinds from the Fed’s higher interest rates and the cost of living rising every day for average Americans have slowed the country’s growth, and many suspect a long recession is due. Furthermore, a recent study shows that 55% of Americans believe they will lose everything if a recession hits the United States. A majority of the study respondents (three out of four) suspect a recession will come to fruition this year.

Source: Bitcoin.com

India Invokes Emergency Law Force Coal Plants to Boost Output

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India Invokes Emergency Law Force Coal Plants to Boost Output
India Invokes Emergency Law Force Coal Plants to Boost Output (Image: REUTERS/Adnan Abidi)

Directive calling on coal plants to run at full capacity comes ahead of the expected surge in power usage this summer.

India has invoked an emergency law to force power plants that run on imported coal to maximize output ahead of an expected record surge in power usage from mid-March through to mid-June, according to an internal power ministry notice seen by the Reuters news agency.

Many of India’s power plants that use imported coal, including those owned by Adani Power and Tata Power in the western state of Gujarat, have not operated at full capacity recently because they have found it difficult to compete with power generated from cheap domestic coal.

Reuters reported last month on India’s plans to use the law to maximize coal power output.

In the notice sent to all imported coal-based power plants, the ministry said it expects them to operate at full capacity and sell power to buyers on exchanges. India’s imported coal plants have a total capacity of 17 gigawatts.

The directive comes into effect on March 16, giving plants the time to import coal ahead of the expected surge in consumption. It would remain valid till June 15.

The variable tariff for these plants will be fixed by a government-appointed panel, the notice said, adding that the panel will use the index with the lowest cost of imported coal for calculating the variable tariff for every plant.

The ministry expects a peak demand of 229 gigawatts in April and to address that, India would need to operate a thermal capacity of 193 gigawatts that month, the notice said.

India expects its power plants to burn about 8 percent more coal in the financial year ending March 2024, with increased economic activity and erratic weather to continue to boost growth in demand for power.

The emergency law has been invoked for the second time in as many years.

Source: REUTERS

Qatar Based Bid for Manchester United Confirmed on Deadline Day

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Qatar Based Bid for Manchester United Confirmed on Deadline Day
Qatar Based Bid for Manchester United Confirmed on Deadline Day (Image: Phil Noble/Reuters)

The deal to buy Manchester United football club is expected to shatter records for the sale of a sports business.

Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, has launched a bid to buy the United Kingdom’s Premier League club Manchester United, whose United States-based owners launched a formal sale process late last year.

A deal for United is expected to shatter records for the sale of a sports business. The club’s current majority owners, the Glazer family, are seeking a valuation as high as 7 billion pounds ($8.42bn), the Reuters news agency has previously reported.

The record 20-time English champions have more than 650 million fans worldwide, according to market research firm Kantar.

“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure,” said a statement on Friday from a spokesperson representing Sheikh Jassim, who is the chairman of QIB, one of the top banks in Qatar.

Potential buyers had been asked to submit a bid amount and proof of funds after which Raine Group, the investment bank running the sale process, will draw up a shortlist.

The Qatari bid is one of the multiple offers United have already received, according to sources. The initial deadline for bids expired on Friday.

UK billionaire Jim Ratcliffe, a lifelong United fan and founder of chemicals firm INEOS, is another likely bidder, along with US private equity firms, sources have told Reuters.

Ratcliffe has previously openly expressed his interest in buying the Old Trafford club.

On Thursday, the Daily Telegraph reported that Saudi Arabia has also submitted a bid for United.

A deal for Manchester United will likely exceed the biggest sports deal so far, which was the $5.2bn – including debt and investments – paid for their London-based Premier League rivals Chelsea, and sources told Reuters previously.

United are the fourth-richest football club in the world, according to an analysis by Deloitte. They are widely seen as one of the most prized assets in all of the sports.

The Glazers bought United for 790 million pounds ($951m) in 2005 as part of a highly-leveraged deal. The club has said it expects to generate up to 610 million pounds ($734m) of revenues in its 2023 fiscal year and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of up to 140 million pounds ($168m).

United’s Premier League rivals Liverpool have also said they are exploring a sale, while Tottenham Hotspur is expected to receive a bid worth $3.75bn from Iranian-American billionaire Jahm Najafi, Reuters has reported.

Source: REUTERS

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