Manchester United: Sheikh Jassim withdraws from negotiations for the takeover of the English club

2023-10-14 21:49:10

Months of negotiations to finally withdraw from the takeover of Manchester United! Qatari Sheikh Jassim bin Hamad al-Thani decided this Saturday to cancel his offer, failing to reach an agreement with the Glazer family, the club’s majority shareholder.

According to Sky Sports, which is one of the British media that revealed the information, Jassim ben Hamad al-Thani, who was the only investor wanting to buy ManU in full, made an offer of more than £5 billion last spring , or nearly 5.7 billion euros. In June, he improved this same offer without knowing the exact amount. According to a BBC journalist, the final offer from Jassim, son of a former Prime Minister of Qatar, was close to double the club’s current market valuation, at $3.2 billion.

BREAKING ????: Sky News understands Qatari businessman Sheikh Jassim bin Hamad al Thani has withdrawn from the process to buy Manchester United ???? pic.twitter.com/np9ILZ3Qr4

— Sky Sports News (@SkySportsNews) October 14, 2023

But the current owners of the club considered that this offer was insufficient… As the Daily Mail revealed a few weeks ago, the Glazers were hoping for around ten billion pounds to cede control of Manchester United. They hold approximately two-thirds of the capital but almost all of the voting rights. Sheikh Jassim’s offer would have made Manchester United the most expensive sports team in history. After further unsuccessful negotiations and lack of agreement, the latter therefore decided to withdraw.

As a result of the Qatari’s withdrawal, it is only Jim Ratcliffe, boss of the petrochemical group Ineos and already owner of OGC Nice, who would have found an agreement for a gradual takeover. According to information from Mail Sport, Ratcliffe should initially acquire 25% of the club’s capital, to move towards a gradual takeover. The club’s board of directors is due to meet next week to validate this entry into the capital.