Qatari businessman Sheikh Jassim bin Hamad Al Thani has decided to withdraw his offer to purchase Manchester United from the Glazer family, according to Fabrizio Romano.
Over the past few days, Jassim, who owns a Qatari bank and is the son of a former Qatari prime minister, engaged in negotiations with the American owners.
However, an agreement regarding the valuation of the UK-based club could not be reached between the two parties.
Sheikh Jassim had initially expressed his willingness to purchase a full 100 per cent stake in Man United at a price nearly double the club’s current estimated value, which is reportedly around $3.5 billion.
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Additionally, he had committed to an initial investment of over $1.5 billion for player transfers, upgrading the club’s infrastructure, and community initiatives.
🚨 Exclusive story on #MUFC takeover.
◉ Glazers informed of Sheikh Jassim decision — he has WITHDRAWN from the process.
◉ Final bid understood to be almost double than $3.5B market valuation.
◉ $1.5B extra investment was planned.
🇶🇦 All details: https://t.co/1bJDyEEq0g pic.twitter.com/fgxb41cyrr
— Fabrizio Romano (@FabrizioRomano) October 14, 2023
However, Sheikh Jassim has informed the Glazer family that he will not agree to what sources close to his bid consider an “excessive valuation” on their part.
The American owners started exploring alternative ownership options last November after nearly 18 years of turbulent ownership.
British billionaire Sir Jim Ratcliffe, who heads the INEOS chemicals conglomerate, initially submitted a bid to acquire a 69 per cent stake in United, which is the same proportion currently held by the Glazer family.
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While Ratcliffe’s bid might potentially value the club at a higher price than Jassim’s, he was considering a minority ownership position.
However, he has since revised his bid and is now proposing to purchase a 25 per cent stake, which would leave one or more of the Glazers still in control at United.
This shift in the proposal may not sit well with many fans who have long expressed their dissatisfaction with the Glazer family’s ownership of the club, as they would prefer a more significant change in ownership structure.
