Sheikh Jassim had made a higher offer for Man Utd in June, but the Glazers were not satisfied with it even though it was much more than the club’s valuation on the New York Stock Exchange. Now, Sir Jim Ratcliffe is close to finalizing a deal to purchase 25% of the club.
Sir Jim Ratcliffe is nearing a deal to purchase a 25% stake in Manchester United, as Sheikh Jassim bin Hamad al Thani from Qatar has withdrawn from the bidding process.
Sheikh Jassim’s offer valued United at over £5bn and was the only bid for the entire club.
Unfortunately, Sheikh Jassim has decided to withdraw from the process because the valuation offered by the Qatari was not enough for the Glazers. They have been the owners of Manchester United since 2005.
A different idea is to purchase approximately 25% of the club. This proposal is being considered by Sir Jim, a billionaire in the petrochemical industry who has expressed his lifelong support for the club. The agreement for this deal seems to be nearing completion.
Ineos Sports vehicle, owned by Sir Jim, offered a deal to the Glazer family. The deal involved buying shares from the family and the stock traded on the New York Stock Exchange (NYSE) in equal amounts.
Offering the same price for both sets of shares.
Sheikh Jassim tried to buy the club, making his last attempt in June.
In February, the first bid for the club was made by the Qataris. Sheikh Jassim’s bid team had considered withdrawing in May due to a lack of progress since making a final offer requested by the Glazers in April.
Sheikh Jassim increased his offer in June, but it wasn’t enough for the Glazers, even though it was higher than the club’s $3.3bn valuation on the New York Stock Exchange.
The parties disagree on the valuation. Sheikh Jassim may still be convinced to join the process. Meanwhile, protesters continue to oppose the Glazers.
United fans are unhappy with the owners because the team has lost many games this season.
United has not been performing well in the current season. They have lost both their matches in the Champions League group stage.
Sheikh Jassim offered to buy United for a record-breaking price, which would have made the team more valuable than any other sports team in history by at least £200m. However, the offer was still lower than what the Glazers believed the club was worth, around £6bn.
The Manchester United Supporters’ Trust wants the Glazer family to clarify their position.
“We hope this news accelerates that process rather than delays it,” a statement said following Sheikh Jassim’s withdrawal. “Based on the last 11 months, no-one can be quite sure.”
United need money to upgrade Old Trafford and win the Premier League. They haven’t won the league since 2013.
The Glazers have owned Manchester United since 2005. During their 18-year tenure, there have been protests and a lack of trophies since the retirement of Sir Alex Ferguson in 2013.
Manchester United won their first trophy in six years by defeating Newcastle United in the Carabao Cup final in February.
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