The Qatari consortium led by Sheikh Jassim bin Hamad Al Thani has reportedly withdraw from the bidding for Manchester United.
According to Fabrizio Romano, Sheikh Jassim has informed Manchester United’s American owners that he plans to rescind his offer to purchase the team after his most recent offer was turned down.
Sheikh Jassim made a fresh offer to the Glazers to purchase 100% of the club, but they turned it down. He now appears ready to abandon the deal.
In a process that has taken nearly a year, the Qatari consortium has been one of the front-runners to buy the club.
Sir Jim Ratcliffe, a British billionaire, and his INEOS group have been United’s main competitors for ownership.
🚨 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
More to follow soon
Sheikh Jassim Frustrations
Months ago, it was reported that Sheikh Jassim bin Hamad Al Thani of Qataris was frustrated and fed up with the bidding process over the Manchester United sale.
It’s been a year since the Glazers announced that they were open to selling Manchester United after 17-years.
However, the two main potential runners to takeover from Glazers that’s Sir Jim Radcliffe and Sheikh Jassim are yet to hear from the owners.
Sheikh Jassim Bin Hamad Al Thani is believed to have offered Manchester United a fifth, improved bid.
Sheikh Jassim and Sir Jim Ratcliffe both publicly acknowledged initial offers in February, and the latter is believed to have made a fifth offer this week to buy United.
The offer for 100% of the club is still on the table, and those involved in Sheikh Jassim’s bid have said this will be the last offer.
This latest offer follows what was referred to as a “final offer” in late April, according to Sky News, who also understands that Sheikh Jassim’s bid team won’t participate in the process after Friday.
Sheikh Jassim thinks his offer is fiercely competitive and will be extremely advantageous for Manchester United, clearing nearly £1 billion in debt and creating a separate fund to renovate Old Trafford, the neighborhood, and the team’s Carrington training facility.
Although INEOS values United higher than Sheik Jassim’s offer, it is not for the entire club and would allow the Glazers to keep a 20% ownership stake. In May, United’s share price dropped to $18.80 on the NYSE, giving the team a $3.09 billion (£2.47 billion) market cap.
“I’ve spoken to someone involved in the process and they didn’t pull any punches. They said Sheik Jassim is frustrated as the transfer window opens in two weeks’ time. They feel this process has been become a joke.” Kaveh Solhekol, Sky Sports News chief reporter said.