AFTER months of negotiations, Qatari billionaire Sheikh Jassim bin Hamad has pulled out of the process to buy Manchester United, according to various reports tonight.
The banker and businessman Sheikh Jassim was one of only two people who made serious offers after the club was put on sale by the Glazer family late last year.
The other potential buyer is Englishman Sir Jim Ratcliffe, a billionaire businessman said to be a fan of the club.
According to transfer expert Fabrizio Romano, who broke the news, and British outlets including the BBC, talkSport and Daily Mail, Sheikh Jassim withdrew from the process today after he was told that his £5 billion offer would not be accepted.
The Qatari presented a fully cash bid and offered to clear all of the club’s debt in exchange for the 100% ownership of the club.
But the Glazer family, who bought United for £790 million in 2005 in a leveraged deal that has left the previously debt-free club in debt, appear to want to retain control at Old Trafford.
Figures in March showed Manchester United owed £969.6m through a combination of gross debt, bank borrowings and outstanding transfer fees with associated payments.
BBC had reported Ratcliffe was considering whether to offer to buy a stake in the club in an effort to break the impasse over the ownership situation.
It appears now that the only offer left on the table is the one from Ratcliffe’s Ineos group for a majority stake, while the belief is that the Glazer family might not want to give up as much as 50% stake.
The Glazers have overseen 18 turbulent years at Manchester United, especially the last 10 years since Sir Alex Ferguson retired, and the club’s fans have regularly held protests against the family inside and outside Old Trafford and online.
