Sheikh Jassim has informed Man United of his withdrawal from the club’s takeover process following fresh negotiations with the Glazer family.
The Qatari businessman had been one of two frontrunners – alongside Sir Jim Ratcliffe, Britain’s richest man – in the takeover process for Manchester United after their American owners opened up the process in November last year. He had lodged a fresh proposal with the club but following talks, has withdrawn his bid.
Sheikh Jassim is believed to have tabled a fresh bid that would have entirely cleared the club’s existing debt in exchange for 100 percent of ownership of United – with an increase in the offer thought to be in the ‘hundreds of millions’. However, this proved to be unsuccessful and is believed to have convinced his consortium that the Glazers valuation of the club is unrealistic.
While they are yet to comment publicly on the situation and with confidentially clauses built-in to the bidding process on all sides, it is believed that Sheikh Jassim and his team have informed United and the Raine Group – tasked with overseeing the process – that they are withdrawing. That leaves Ratcliffe as the sole frontrunner to take over the club, should the Glazers sell.
In a hugely protracted process that is close to entering its eleventh month, the Glazer family are said to be finally on the same page regarding the club’s sale. There had been concerns that the family were at odds with each other over the process of selling the club as all six siblings still profit from their shares.
Ratcliffe had previously been tipped as favourite with his strategy of buying United. The INEOS chief’s offer would see him take a controlling interest in the club and allow current owners Joel and Avram Glazer to temporarily retain a 20 per cent stake in United.
Avram is the most involved of the Glazer siblings at United, attending each of last season’s cup finals – his brother Joel, the club’s co-chairman, has not attended a match since early 2019. Avram is believed to be the most emotionally involved in not wishing to relinquish entire control.
At least two of the six Glazer siblings – Joel and Avram – are understood to have preferred an option which would see an outside investor buy a stake in the club to help finance huge capital projects like the redevelopment of the Old Trafford stadium and Carrington training ground. That may now present itself as an alternative to the Glazers relinquishing control.
Several US investment companies – Elliott Management, the Carlyle Group and Ares Management – had been proposing minority investment into the club, which would see the Glazers remain in position at the head of United but with extra spending power available.