Qatar Islamic Bank chairman Sheikh Jassim Bin Hamad Al Thani has emerged victorious in the race to acquire Manchester United, surpassing INEOS founder Sir Jim Ratcliffe, according to a report by Al-Watan.
The Glazer family began exploring potential options for its future in November of the previous year, and it was expected that a takeover could occur within a few months.
However, the process has been extended until the end of the season. Sheikh Jassim recently submitted a final and fifth offer, outpacing Ratcliffe in the competition to acquire the club.
According to reports from Al-Watan, an organization owned by Sheikh Jassim’s father, it seems that the proposed acquisition of United has been successful. An announcement regarding the deal is expected to be made very soon.
This development could be a significant factor influencing the after-hours trading on the New York Stock Exchange, as the share price of United has increased by 17% since the news broke.
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After months of competition between Sheikh Jassim and Ratcliffe, it appears that Sheikh Jassim’s last-minute bid has put him in the lead for the takeover of Man United.
Initially, Ratcliffe had been ahead in the race. Previously, there were reports suggesting that the Glazer family, the current owners of the club, would be willing to remain involved with a minority stake under Ratcliffe’s ownership.
However, their position may have changed following Sheikh Jassim’s latest proposal.
United fans will be thrilled with the latest update from Al-Watan, as Sheikh Jassim’s complete takeover would likely provide manager Erik Ten Hag with substantial financial backing.
Historically, the Glazers have not invested personal funds into the club, so fresh investment from Qatar could bring about significant changes in how the club is managed.
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Financial Fair Play regulations could pose a challenge for United in the future, but Sheikh Jassim’s willingness to pay potential fines should alleviate concerns in that regard.
Although there is no official confirmation yet, the recent activity in the stock market suggests that this news could be credible. Hopefully, the ongoing takeover saga will reach a conclusion this week.
