Monday, February 26, 2024

Sheikh Jassim withdraws from Manchester United takeover process

SoccerNews in General Soccer News 14 Oct 2023

65 Views

Sheikh Jassim has withdrawn from the process to buy Manchester United, the PA news agency understands.

Fans have protested against the Glazer family since their controversial leveraged takeover in 2005 and last November’s announcement of a strategic review brought hope of change.

The possibility of a full sale was mentioned and Sheikh Jassim became the first bidder to publicly confirm he had made an offer for the Old Trafford giants.

Sir Jim Ratcliffe swiftly followed but the interminable potential takeover process has rumbled on as the demanding Glazer family dragged their heels.

It is now understood that, following further discussions, a frustrated Sheikh Jassim has withdrawn from the process to buy the Premier League club.

The Qatari banker informed the United owners of his decision in the last few days.

Sheikh Jassim’s team announced in February that he had submitted a bid to buy 100 per cent of the club, promising a completely debt-free takeover via his Nine Two Foundation. The bid is understood to have eventually reached around double the current 3.2billion dollars (£2.6bn) market valuation of the Premier League club.

An additional 1.7bn dollars (£1.4bn) is believed to have been pledged for infrastructure projects.

Earlier this month it was reported that rival bidder Ratcliffe was considering changing his offer and buying a minority stake in United. It was reported he may seek a stake in the region of 25 per cent as part of a proposal to try to bring the drawn-out sale process to an end, having initially wanted to complete a majority takeover.

If the Glazers accepted this new reported offer, it would see the American family still retain majority control of the club.

United sit 10th in the Premier League after a difficult start to the season for Erik ten Hag’s team.

ABOUT THE AUTHOR

SoccerNews

Soccernews.com is news blog for soccer with comprehensive coverage of all the major leagues in Europe, as well as MLS in the United States. In addition we offer breaking news for transfers and transfer rumors, ticket sales, betting tips and offers, match previews, and in-depth editorials.

You can follow us on Facebook: Facebook.com/soccernews.com or Twitter: @soccernewsfeed.

SHARE OR COMMENT ON THIS ARTICLE

WE RECOMMEND

Leave a Reply

Your email address will not be published. Required fields are marked *

This field is required *

Join the conversation!

or Register

Live Scores

advertisement

Betting Guide Advertisement

advertisement

Become a Writer
More More
Top