Sheikh Jassim ‘withdraws his bid’ to buy Man Utd from Glazers
Qatari businessman Sheikh Jassim bin Hamad Al Thani has withdrawn his bid to buy Manchester United from the Glazers.
According to Fabrizio Romano, Sheikh Jassim has told the Glazers that he will not buy the club after seeing his latest offer being rejected.
Glazers reject £5 billion bid from Sheikh Jassim
The Qatari businessman’s bid was worth £5 billion ($6.061bn). However, the Glazer family felt that the bid did not meet their valuation and declined his bid, which led him to step away altogether.
The Americans value the club at more than £6 billion. However, the current market value of the club is around £2.6 billion.
Jassim’s offer was for 100% of the club and included a commitment to wipe away United’s existing debt, which is around £969.6 million. He also offered £1.4 billion for the redevelopment of facilities, including Red Devils’ stadium Old Trafford, and to improve the playing squad.
British billionaire Sir Jim Ratcliffe to take over at Man Utd?
For almost a year, the Qatari consortium were leading the race to buy the club, but they have now pulled out of the race.
Nevertheless, this means that British billionaire Sir Jim Ratcliffe and his INEOS group are the main candidates to take ownership of Man United. Ratcliffe has decided to reduce their original offer of majority stake to one that would see them take 25% shares.
Furthermore, this would allow the Glazer family to stay in charge of the club for the time being.
The American family, who bought the club in 2005 for £790 million, announced last November that they were considering “strategic alternatives” including a full sale of accepting minority investment.
