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Sources close to Sheikh Jassim have declined to comment on a report that Manchester United are considering granting exclusivity to the Qatari in the race to buy the club. Sheikh Jassim made a fifth and final bid for the club last week and it is being reported that his offer is viewed more favourably by the club’s owners, the Glazer family, than a rival bid from Ineos founder Sir Jim Ratcliffe. However, the Sheikh’s team indicated nothing had changed from earlier in the week when a report from Qatar suggesting Sheikh Jassim had won the race to buy United was described as “pure speculation” by one source. The report on Thursday suggested that, if exclusivity was granted to Sheikh Jassim by the club, it would shut out the Ratcliffe bid for as long as the exclusivity period lasted. Sheikh Jassim’s bid has always been to buy 100 per cent of the club. It has been reported that Ratcliffe was offering to buy 60 per cent, allowing Avram and Joel Glazer to retain a combined 20 per cent, but the Ratcliffe camp has declined to comment on that point. Trading in Manchester United shares on the New York Stock Exchange was temporarily paused due to “volatility,” though shares resumed trading shortly afterwards, and were up 12 per cent on the day. A new company, Nine Two UK Holdings Limited, was also incorporated in the UK on Thursday as part of Sheikh Jassim’s preparations should his bid be successful. The PA news agency understands the paperwork was submitted months ago, with sources insisting the incorporation was simply part of getting things in order rather than an indication Sheikh Jassim’s offer had been accepted. The documents published on the Companies House website list Sheikh Jassim as an individual person with significant control of the company. He is listed as one of two directors, alongside Abdulrahman Abdulla Al Ansari. Al Ansari is also on the board of the Qatar Chamber, which describes itself as a non-profit public organisation whose mission is to represent, support and protect the interests of the business community in Qatar. Companies House says all shares in the new UK company are owned by Nine Two Holdings LLC, which was registered in Qatar in April. The listing confirms Sheikh Jassim was born in April 1982, making him 41 years old. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live

Championship clubs’ spending on wages exceeded revenue for a fifth successive season in 2021-22, according to a new report. Deloitte’s Annual Review of Football Finance found second-tier teams’ combined wages-to-revenue ratio was an astonishing 108 per cent, as clubs continued to chase the dream of reaching the Premier League. Nottingham Forest, who ultimately succeeded in reaching the top flight at the end of the 2021-22 season via the play-offs, spent almost 200 per cent more on wages than they earned in revenue – £58.6million compared to £29.3m – in their promotion year, according to figures in the Deloitte report. Championship clubs’ total revenue was up 13 per cent in 2021-22 compared to the season before, reaching £676million. However, while wage costs fell for a second consecutive year, they remained higher than revenue for the fifth season in a row. Tim Bridge, lead partner in Deloitte’s Sports Business Group, said: “The glamour of Premier League promotion is spearheading the continual drive for investment in Championship clubs, often in an unsustainable manner, driving some clubs to overstretch financially. “It is critical that long-term decisions are now made by clubs’ owners and, with the introduction of the independent regulator, focus will turn to improving the distribution mechanism of revenues between the leagues and clubs. “This must be accompanied by appropriate governance and financial controls to ensure that any proposed solution is suitable and sustainable.” EFL chairman Rick Parry believes the disparity in revenue between the Premier League and the Championship has created a “cliff edge” between the leagues, and argues parachute payments are also fuelling inequality within the Championship. Deloitte’s report underlines the value to clubs of reaching the Premier League. Relative to the 2022-23 season, it says revenue from broadcasters is expected to provide a minimum uplift of more than £90m for Luton, approximately £84m for Sheffield United and £54m for Burnley, with both of those two clubs in receipt of parachute payments whilst participating in the Championship. The report said that should a club suffer immediate relegation, assuming they are not in receipt of parachute payments at that point, under existing arrangements the parachute payments from the Premier League will continue to provide an uplift over the following two seasons of at least £80m. For a Championship club not otherwise in receipt of parachute payments, the value of promotion will be at least £170m across the next three seasons and, if a club survives their first season in the Premier League, they will be entitled to three seasons of parachute payments and the incremental revenue will be over £290m across five years. Discussions over a new financial settlement between the two leagues are ongoing. The Government said in its White Paper on football governance that a new regulator will be given backstop powers to impose a settlement if one cannot be agreed, but it is unlikely the regulator will be up and running until 2024-25 at the earliest. Parry accepts that reform of the distribution package has to go hand in hand with cost control measures, which are also part of the ongoing ‘New Deal For Football’ talks between the EFL, the Premier League and the Football Association. What we really want to see in the English game is a variety and diversity of clubs coming through the league at different points in time Tim Bridge, lead partner in Deloitte’s Sports Business Group Bridge believes it is vital for the leagues to see the common ground they share to resolve the dispute on distribution. “The point I would make is that the longevity of the Premier League and the ability for clubs to move up and down between the Premier League and the Championship and to achieve variety in those clubs is a good thing for the overall brand and the marketing position of English football,” he said. “Part of the beauty of the Premier League is always that any team can beat any other team. And so at any one point in time, what we really want to see in the English game is a variety and diversity of clubs coming through the league at different points in time, bringing new storylines, bringing new faces to the league because frankly that keeps it fresh.” Wage spending in the Premier League in 2021-22 grew by £192m compared to the previous season, but this was outpaced by a £586m increase in revenue, meaning the top flight’s wages-to-revenue ratio fell for the second consecutive season from 71 per cent to 67 per cent. That is still a significantly higher ratio than the average of the three seasons pre-pandemic up to 2018-19 – 58 per cent. Across Europe’s ‘Big Five’ leagues as a whole however, revenue growth was outpaced by wages, which stood at 12.3 billion euros (£10.5bn). This comes at a time when the continent’s football governing body UEFA has introduced new financial sustainability regulations, including a cost control rule which by 2025-26 will limit a club’s spending on wages, transfer fees and other player and coach costs at 70 per cent of turnover. UEFA could go even further in the future, with president Aleksander Ceferin raising the possibility of a Europe-wide salary cap in an interview in April.

After Pep Guardiola put down the European Cup, he immediately implored his players to embrace that feeling. The Catalan may have joked in his press conference about catching up with Real Madrid but he was deeply serious in private about now going on to retain the Champions League and win many more. It wasn’t just the joy of victory that ran through the club in the early hours of Sunday morning, after all. It was the sense a psychological barrier had been broken. That has also meant we are in new territory for the game, as it faces a period of huge upheaval. A first Champions League for a state-owned club is a historic landmark, most of all for a future that has long been coming. Such success is a statistical inevitability when you can invest as much as possible without any risk. Many would point to how all of this is actually part of an economic plan for states like the United Arab Emirates and Saudi Arabia, and that is true, even if sport is one part of this where it’s more about normalisation and image than actual economic return. The differences in figures are too great. The “sportswashing” aims are more sophisticated. They still form a core of projects outlined by documents such as The Abu Dhabi Economic Vision 2030 and Saudi Arabia’s Vision 2030. The parallel selection of that year, and how all of this has influenced the game, now provokes a more searching question. What will football actually look like by 2030? That year is all the more important since it is when the centenary World Cup will take place, a competition that has immense symbolic value. The hosts will be decided in the third quarter of 2024 and that process is still seen by football industry figures as one of the most influential factors in the game. The outcome essentially dictates the next decade of football, if not longer. That is primarily because they shape the next biggest factors, which are broadcasting deals and the purchase of clubs. This can be tracked over the last 30 years. The 1994 World Cup introduced the United States business world to the true scale of football’s global popularity. It is not a coincidence that, by March 2003, the Glazers purchased their first tranche of shares in Manchester United. A new business trend had been set. The winning of the 2022 World Cup is meanwhile not just as one of the most influential moments in football history but also in the Middle East. Virtually every serious analyst on the area sees it as a direct cause of the Gulf blockade, and it clearly accelerated a sporting race between the involved countries. Other World Cups have had different effects, 2002 for example initiating changes in the calendar, but it was 1994 and 2022 that have contributed the two driving forces shaping football for the next seven years. One is western capitalism, mostly through US venture capitalists and private equity funds. The other is Gulf politics. It is inevitable that the most powerful competition in the world, the Premier League, showcases this. Half of next season’s clubs have American owners with controlling influence. City and Newcastle United are owned by Abu Dhabi and Saudi Arabia, respectively. The competition’s biggest club, Manchester United, may fittingly become a juncture point in this if the Glazers take the immensely consequential - and equally controversial - decision to sell to Qatar. It would also largely illustrate how this works. Barcelona, ‘economic levers’ and the next phase of sportswashing Money from the Gulf blockade countries is the dominant factor, since they are willing to pump in so much of it in all areas. It is within the gaps created by this dramatically expanding game that Western capitalists then exert their influence, picking off purchases where there is opportunity. You only have to look at the capital-raising deals Barcelona struck last summer to stay competitive, all from a world where they had their best executives and players picked off by City and Paris Saint-Germain respectively. La Liga itself pursued the deal with private equity group CVC to try and catch up with the Premier League, while Serie A has been looking at similar. There is a growing theory within the game that the next step in this will be sovereign wealth funds seeking to strike similar deals. That could completely change the power balance between domestic competitions, as one league could suddenly see many of its clubs inflated to Premier League level. It would be an entirely logical evolution from just buying clubs, in the way buying clubs was an evolution from sponsorships and staging events. The recent Saudi announcement of the Public Investment Fund privatising four of its clubs even offers a model. The current model of the game, a global pyramid that has been growing for over a century, is being chipped away at from all angles. Abu Dhabi’s City currently sit at the peak, one which has been made narrower by the financial power required to get to that level. We have reached a point where it feels like only about eight clubs can win the Champions League, although Newcastle will surely join that group. Whether any others do may depend on some huge regulatory decisions. Moves like the Premier League capping spending or Uefa changing prize money rules could bring a badly needed increase in competitive balance. The role of the new English independent regulator is going to be instructive, too. Many football figures in other major countries are watching keenly, and believe the idea could spread. Some even think that would eventually pose a threat to Fifa in terms of removing some of the global body’s power. If the independent regulator can actually prove effective in giving supporters increased stakes in clubs, it could serve to actually row some of this back; to put more of the game back in the hands of fans. The repercussions of the Premier League’s charges against Manchester City It is also why so much hinges on the outcomes of the Premier League charges against Manchester City and the Spanish public prosecutor’s charges against Barcelona. Both could change the face of the game and bring chain reactions. On the other side, a huge question is what Uefa’s stance on multi-club models is going to be. While much of the focus on this is regarding American consortiums, the greatest relevance could be with sovereign wealth funds and states. Since there aren’t actually that many states that want to buy clubs, such a change could facilitate multiple purchases by the same funds. Uefa president Aleksandr Ceferin’s recent softening on this - at least in terms of public statements - has naturally been viewed through the prism of Qatar’s interest in Manchester United with the state already owning PSG. That would pose huge questions of the game’s actual values, given the persistent criticism from human rights groups as regards “sportswashing”. This is also where private equity firms and other capitalist interests could further exert their influence. The intention of many of their club purchases is to flip them within five years after increasing the value. But, who will be able to afford such clubs? More private equity firms, perhaps. More state-linked groups, most likely. That could bring a world where the same state or sovereign wealth fund owns six clubs in the Champions League. The LIV Golf precedent It is why Uefa’s stance on this is so important. LIV Golf’s recent deal with the PGA Tour nevertheless proves what one prominent federation executive told the Independent last year. Autocratic states have so much more money and such a greater will to spend it that sporting authorities can find themselves almost powerless without government backing. That leads many to decide “it’s ultimately better to work with these interests rather than have them working against you”. A connected issue is how examples such as the LIV Golf case and City chairman Khaldoon al Mubarak’s notorious line about “the 50 best lawyers” show that such states can “weaponise” legal systems. The gradual purchase of sporting infrastructure has already led to a situation where PSG president Nasser Al-Khelaifi has become one of the most powerful figures in football, rising to the top of the European Club Association. Such moves do always bring responses, though, and the Independent has been told that there is growing unease within the European Union about the influence of states and private equity funds. That is where government backing could be sparked. Otherwise, another unintended consequence of sporting bodies repeatedly allowing certain takeovers is the growth of particular voting blocs. That's where some very new ideas could come in. The Premier League is currently divided along a few lines, with the greatest split coming over City’s charges. Saudi Arabia’s strategy to host World Cup 2030 Saudi Arabia have already been acutely aware of voting blocs ahead of that World Cup decision next year. They have made inroads into Europe through the inclusion of Greece in their bid. They have split north Africa through the inclusion of Egypt. There’s a growing theory in the game they could split the emotional South American bid by bringing in Uruguay. It is a push that is only going to grow in the next year, as Mohamed bin Salman wants to make the World Cup the centrepiece of ‘Vision 2030’. All of this is why one figure in the game says it is to be the “decade of Saudi Arabia”. This is another way the politics of the Gulf drives the game. It is not just the willingness to invest, but also the willingness for one-upmanship. There’s a sense it wasn’t a coincidence that Saudi Arabia made such expansion announcements and Qatar upped their attempt to buy Manchester United in the same week City were going to secure the treble. This is likely to be an indication of the next few years. It just could bring more change than anyone can imagine. Read More Pep Guardiola sets sights on becoming the greatest – and Abu Dhabi’s masterplan can make it a reality The lesson Qatar has learnt as Manchester United takeover bid enters final stages First golf, now football? Saudi Arabia’s grand plan and the 72 hours that changed everything Football rumours: Man United, Real Madrid and Chelsea fight for Kylian Mbappe Marcus Rashford brushes off critics and insists he is committed to England ‘Serial winners’ can help England finally celebrate silverware – Tyrone Mings

Sheikh Jassim is still waiting to hear whether his fifth and final offer for Manchester United has been successful, according to sources close to the Qatari. Recent reports within Qatar had indicated that the Sheikh’s bid – which is for 100 per cent of the club – had seen off the bid from Ineos founder Sir Jim Ratcliffe. However, the Sheikh Jassim camp described those reports as pure speculation and say they remain in a ‘holding pattern’. They expect the next step will be for the United board to meet and consider both bids. United have been approached for comment. Sheikh Jassim’s fifth bid was made last week, but at the same time it was made clear to the Glazer family – who own the club – and to the Raine merchant banking group which is overseeing the sale that he would not engage with the process beyond last Friday. The Qataris are eager to get the deal done with the summer transfer window about to kick into gear. Sheikh Jassim’s bid is understood to be a fully cash deal for 100 per cent of the club, and that all United’s debts would be cleared. Sources close to the Sheikh’s bid say that separate, additional funding would be made available for player recruitment, infrastructure and other investment needs. The Glazers first announced their intention to consider a sale of the club in November last year, with the first bids from Ratcliffe and Sheikh Jassim tabled in February. There have been reports that Ratcliffe’s offer is for 60 per cent of the club, with Avram and Joel Glazer retaining a combined 20 per cent stake, but sources close to Ratcliffe have not confirmed this. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live

Leeds chairman Andrea Radrizzani has agreed a deal to sell his controlling stake in the club to co-owners 49ers Enterprises. As a result the American investment group, owner of NFL franchise the San Francisco 49ers and a minority shareholder in Leeds since 2018, will take full ownership. “Leeds United can confirm an agreement has been reached between Aser Ventures and 49ers Enterprises for the purchase of the club,” said a statement. “Both parties continue to work through the details, and further updates will be provided soon. “All of our focus remains on a quick return to the Premier League.” 49ers Enterprises increased its stake in Leeds to 44 per cent in 2021 with the option of buying Radrizzani’s remaining 56 per cent before January 2024. The Americans had been keen to push through a full takeover this summer, but that agreement, which had valued Leeds at around £400million, was contingent on the club remaining in the Premier League. Leeds’ relegation last month forced both parties back into intense negotiations and a valuation of close to £170m has been agreed. The deal marks the end of Radrizzani’s six-year ownership of Leeds. He completed a full takeover from fellow Italian Massimo Cellino in 2017 and initially proved hugely popular. Radrizzani bought back Elland Road stadium, which had been in private ownership since 2004, and brought in fresh investment when 49ers Enterprises purchased its first 10 per cent stake in 2018. The appointment of Marcelo Bielsa soon after proved a masterstroke as Leeds won promotion back to the Premier League for the first time in 16 years. 49ers Enterprises has steadily increased its stake, while Radrizzani’s relationship with the Leeds fanbase began to sour when Bielsa was sacked in February 2022. Leeds escaped relegation on the final day of the 2021-22 season under Bielsa’s successor Jesse Marsch and Radrizzani promised that the club would not be involved in another survival fight. But results this past season failed to improve and after Marsch was sacked in February, his replacement Javi Gracia and then Sam Allardyce, appointed with four games remaining, failed to halt the slide. When relegation was confirmed with a final-day defeat to Tottenham, Radrizzani was absent from Elland Road, opting instead to remain in Italy to finalise his takeover of Sampdoria. He later admitted Leeds’ board had made mistakes and apologised for the club’s relegation in a personal statement posted on social media. But after it emerged he had offered to use Elland Road as collateral when securing a £26m bank loan to buy Sampdoria – one of his companies and not Leeds owned the stadium – his legacy was further tainted. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Keely Hodgkinson sets new British record at Paris Diamond League Andy Murray targets the next step after reaching Surbiton semi-finals again French Open day 13: Djokovic reaches final as Alcaraz struggles with cramp

Diamond Sports Group missed its rights payment to the Padres and lost its broadcast rights fees.

A consortium that includes Leeds chairman Andrea Radrizzani has completed its takeover of Italian club Sampdoria. Leeds’ majority shareholder Radrizzani’s company Aser Group and finance company Gestio Capital announced they had concluded a deal to save financially-stricken Sampdoria late on Tuesday night. In a statement released on Sky Sports Italian reporter Gianluca Di Marzio’s social media sites, Radrizzani said: “We are nothing short of thrilled to be able to announce that we have completed the acquisition of this extraordinary club. “The history and coat of arms of Sampdoria are safe and I think my happiness is (for) of all the people who were suffering for these colours. “My thanks at this time go above all to all those people who worked relentlessly to ensure that this agreement found a just conclusion. “And in particular I have to extend a huge thank you to Matteo (Manfredi, Gestio Capital principal) and to the lawyer De Gennaro. “Without them none of this would have been possible. From today we move on…. and I personally can’t wait to get to work.” Radrizzani, who bought Leeds for £45million in 2017, is expected to sell his 56 per cent stake in the Premier League club to American co-owners 49ers Enterprises. The financial arm of NFL franchise the San Francisco 49ers increased its stake in Leeds to 44 per cent at the end of 2021 with a deal in place to buy Radrizzani’s stake and take full control before January 2024. 49ers Enterprises has been reported to be keen to complete a takeover this summer, but the deal was contingent on Leeds remaining in the Premier League and it remains to be seen how relegation will affect a possible change of ownership at Elland Road. Leeds’ three-year stay in the top flight was ended on Sunday when they lost 4-1 to Tottenham at Elland Road in their last game of the season. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live

The BBC unpacks the guest list for this year's summit - who is on it, who is missing and why?

The Qatari billionaire Sheikh Jassim bin Hamad bin Khalifa Al Thani has raised his bid for Manchester United by making a fourth and last-ditch offer for the club, which is understood to be closer to £5 billion. The businessman has made a late intervention after the lifelong United fan, and petrochemicals billionaire, Sir Jim Ratcliffe had submitted his third bid which valued United at a higher figure. As with all of Sheikh Jassim’s previous proposals, he is trying to buy 100 percent of the club, where the Glazer family are current majority shareholders. The Qatari has also pledged to clear United’s debt of £536 million and has promised a separate fund directed at the club and the community. Ratcliffe’s most recent bid allowed Joel and Avram Glazer, two of the six siblings whose father, Malcolm, bought the club in 2005, to retain a stake while aiming to complete a takeover in the next few years. The American merchant bank the Raine Group are overseeing the process for the Glazers. There have been three previous rounds of bids, without seeming to meet the Glazers’ valuation, though Ratcliffe had emerged as the favourite to complete a deal. Read More Eddie Howe: Football must learn from my confrontation with fan Dimitar Berbatov warns Harry Kane not to ‘tarnish’ Tottenham legacy by leaving You’re asking the wrong person – Emma Hayes not interested in title permutations

Former Manchester United executive vice-chair Ed Woodward has accepted a first job since departing Old Trafford last year. Woodward has joined the board of educational esports company EStars as a non-executive director. EStars is “at the heart of the fastest-growing sport in the world”, using esports to bring classmates together, both during and after school hours, to foster great academic goals, inclusion, diversity and positive outcomes. Ex-Newcastle, Netherlands and current Norwich goalkeeper Tim Krul has been a shareholder in the company since its inception in 2017 and Woodward explained his decision to accept the new role. He said: “When you put together esports, education and a dynamic region such as the Middle East, where curriculum decisions can be made faster than Europe, it is a recipe for success. “Joining the team is an easy decision when you add the exceptional leadership and entrepreneurial energy of Mags [founder Mags Byrne]. I’m excited about EStars delivering a path of learning for the next generation in the (relatively) new industry of esports.” Having qualified as a chartered accountant and then worked at JPMorgan as an investment banker, Woodward joined Man United in 2005 to oversee their commercial operations, having advised the Glazer family on their purchase of the club. He was appointed to the board of directors in 2008 and became executive vice-chair in 2013 when David Gill retired. He became an incredibly unpopular figure at Old Trafford due to his association with a Glazer regime that fans turned against and despite the £1bn he sanctioned in transfer fees, his tenure is regarded as a failure, with the club struggling on the pitch – in relative terms at least – in the post-Sir Alex Ferguson era. It has been mooted that he could help the Glazer family negotiate any potential sale of Manchester United as the takeover saga drags on. Read More What would a Sir Jim Ratcliffe takeover mean for Manchester United Erik ten Hag unsure what funds will be available to strengthen Man Utd’s squad Louis Van Gaal suggests Ed Woodward’s departure from Man Utd could spell success

Pickleball is coming to your local mall, replacing shuttered Bed Bath & Beyond, Old Navy, and Saks Off 5th stores.

Sir Jim Ratcliffe has had more extensive contact with Raine Group over the past two weeks than Qatar, creating a positivity within the INEOS bid that they can be the next owners of Manchester United, although it has not yet been communicated who the preferred bidder is. That does leave the way open for a huge Qatar offer that many have long been waiting for, but it would have to be a significant increase on their third-round bid of under £5bn. They would also have to be quick, as it is now expected that an announcement on preferred bidder could come next week. While the nature of this process ultimately comes down to the numbers, there was irritation on the selling side at some of the briefing around the third Sheikh Jassim-led bid, given it was considerably lower than had been anticipated. The Independent has also been told that the Glazers have been giving consideration to the fact any Qatar offer could take six to nine months longer, due to the likelihood that the assessment by the Owners and Directors test would be far longer. The bid comes as the Premier League have sought to tighten regulations on state-linked owners, amid increasing pressure over the subject. The Glazers are also conscious of the fact that, if that happens, and the Qatar deal were to falter, Ratcliffe would be unlikely to come in on a point of principle. As the INEOS group have long pointed out, their offer can lead to a cleaner process. Ratcliffe's group are “optimistic” that, if the takeover process continues smoothly, they would at least have an agreement to buy the club by the summer transfer window. That could leave Erik ten Hag frustrated as regards transfers for next season, given the club would be restricted in what it could do, but with the offset that the future would be much clearer thereafter. Either way, the Glazers' bankers are currently willing to discuss final details with Ratcliffe. The only development that could currently change that is if Qatar come back in with a huge offer, and there is insistence from within the Gulf state they are still in the race. At the same time, discussions with Raine have been minimal, with one source even stating that it was as close as you can get to being “ghosted” in such processes. The prospective takeover of United has been discussed at the top levels of the state, but a number of political issues have complicated the planned purchase, not least the willingness to not be seen to just pay whatever it takes. From the start, Qatar have been insistent they will only buy for the right price. It remains to be seen whether that valuation changes as the possibility of failure looms. Read More What would a Sir Jim Ratcliffe takeover mean for Manchester United Erik ten Hag unsure what funds will be available to strengthen Man Utd’s squad Man Utd fans stage protest against Glazers before and during Aston Villa match