October 16 – The long running saga of the sale of Manchester United has taken an unexpected twist with the news that Qatari banker Sheikh Jassim bin Hamad Al Thani has dropped his $6.1 billion cash bid to buy the club.
Sheikh Jassim had been one of the leading contenders to complete a takeover of the storied Premier League club, which was put up for sale last year by the controversial Glazer family.
Along with British billionaire Sir Jim Ratcliffe, he was one of two bidders to publicly declare an intention to buy the club, vowing to clear its debt while investing in the playing squad in a bid to “return the club to its former glories both on and off the pitch.”
But almost a year since bids were invited, Sheikh Jassim has lost patience and is withdrawing his offer, which was almost double United’s current market valuation of $3.2 billion.
That leaves British billionaire Jim Ratcliffe, in pole position. He has reportedly adjusted his offer to buy only a minority 25% stake in the club which would leave the Glazers in majority control unless someone else enters the fray.
Ratcliffe’s reworked bid would see him oversee the team’s operations and player acquisitions, while the Glazers would remain in charge of the commercial side of the business, according to reports.
The Manchester United board is set to vote on Ratcliffe’s proposed purchase of a stake that could be valued at $1.5 billion or more.
Sheikh Jassim’s decision to pull out comes as United fans have grown increasingly frustrated with the time taken to complete the proposed sale, with continual protests outside Old Trafford urging the Glazers to sell up.
“MUFC is in desperate need of new investment and new majority ownership. We hope this news accelerates that process rather than delays it,” Manchester United Supporters Trust said in a post on X, formerly known as Twitter. “Based on the last 11 months, no one can be quite sure.”
That is the crucial point. Do the Glazers really want to sell the club? Having hung out the For Sale sign, the US tax implications would have been huge for the Glazers, vastly reducing the headline figures reported.
Record 20-time English champions, United claim to have over 650 million fans worldwide but haven’t won the Premier League since former manager Alex Ferguson retired in 2013 and last won the Champions League in 2008. They are currently 10th in the Premier League after a difficult start to the season.
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