admin Qatari businessman Sheikh Jassim has pulled out of a takeover of Manchester United after his latest attempt to buy out the Glazer family failed.
Sheikh Jassim has informed Manchester United that he has pulled out of the takeover of the club following further negotiations with the Glazer family.
The Qatari businessman is one of two favorites – along with Sir Jim Ratcliffe, Britain’s richest man – in the takeover of the Premier League giants, after their American owners opened this process last November. He sent a new proposal to the club but after discussion he withdrew his offer.
Sheikh Jassim has reportedly made a new offer that would completely clear the club’s current debt in exchange for 100% ownership of United. However, this proved unsuccessful and is said to have convinced his consortium that the Glazers’ valuation of the club was unrealistic.
Although they are yet to comment publicly on the situation and all parties have crafted confidentiality clauses into the bidding process, it is believed that Sheikh Jassim and his team have informed United and Raine Group – responsible for overseeing the process – that they withdrew. This leaves Ratcliffe as the only favorite to take over the club, should the Glazers sell him.
In an incredibly long process now entering its 11th month, the Glazer family are said to finally be on the same page about selling the club. There are concerns that the family will have conflicts during the sale of the club because all six siblings will still profit from their activities.
Ratcliffe has been named the favorite for his bid to buy United. The INEOS chief’s offer would see him take a majority stake in the club and allow current owners Joel and Avram Glazer to temporarily retain a 20% stake in United.
Ratcliffe admitted in his book Grit, Rigor & Humor: The Ineos Story that discord between the Glazer brothers caused problems when buying the club. Bryan, Edward, Kevin and Darcie want to sell the club, but their brothers Avram and Joel disagree with their wishes.
Avram is the most involved of the Glazer brothers at United, having attended every single cup final last season – brother Joel, the club’s co-chairman, did not attend a single match since the beginning of 2019. Avram is considered the most emotional person involved. don’t want to give up all control.
At least two of the six Glazer brothers – Joel and Avram – would prefer an option of an outside investor buying shares in the club to help fund major investment projects such as regeneration. Old Stadium Trafford and Carrington development. practicing field. This could now see itself as an alternative to the Glazers relinquishing control.
Several US investment firms – Elliott Management, Carlyle Group and Ares Management – have proposed a minority investment in the club, which would allow the Glazers to remain at the helm United but with more purchasing power.
