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Qatari businessman Sheikh Jassim bin Hamad Al Thani has withdrawn his bid to buy Manchester United from the Glazers.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.
EXCLUSIVE: Sheikh Jassim has had further discussions with Glazers family to buy 100% of Manchester United.
Sheikh Jassim’s bid proposition has been rejected again by Glazers family.
As a result — Sheikh Jassim informed Glazers that he’s ready to withdraw from the process. pic.twitter.com/gmufiWC4Uc
— Fabrizio Romano (@FabrizioRomano) October 14, 2023
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.
Sheikh Jassim had committed an additional initial amount of over $1.5 billion for Manchester United [not the sellers].
It was ready to finance new stadium plans, new training centre facilities, buy players, city/community regeneration projects. pic.twitter.com/FOXedyYNG0
— Fabrizio Romano (@FabrizioRomano) October 14, 2023
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.
Sir Jim Ratcliffe is set to buy 25% of #MUFC for around $1.8bn. His club valuation is around $7.5bn. As previously reported, this is with a view to eventual control. INEOS always clear that's their aim. pic.twitter.com/GGFA4br7cD
— Ben Jacobs (@JacobsBen) October 14, 2023
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.
According to Fabrizio Romano, Sheikh Jassim has told the Glazers that he will not buy the club after seeing his latest offer being rejected.
EXCLUSIVE: Sheikh Jassim has had further discussions with Glazers family to buy 100% of Manchester United.Sheikh Jassim’s bid proposition has been rejected again by Glazers family.
As a result — Sheikh Jassim informed Glazers that he’s ready to withdraw from the process. pic.twitter.com/gmufiWC4Uc
— Fabrizio Romano (@FabrizioRomano) October 14, 2023
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.
Sheikh Jassim had committed an additional initial amount of over $1.5 billion for Manchester United [not the sellers].It was ready to finance new stadium plans, new training centre facilities, buy players, city/community regeneration projects. pic.twitter.com/FOXedyYNG0
— Fabrizio Romano (@FabrizioRomano) October 14, 2023
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.
Sir Jim Ratcliffe is set to buy 25% of #MUFC for around $1.8bn. His club valuation is around $7.5bn. As previously reported, this is with a view to eventual control. INEOS always clear that's their aim. pic.twitter.com/GGFA4br7cD
— Ben Jacobs (@JacobsBen) October 14, 2023
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.