The ownership takeover saga at Manchester United continues as they go through a rough period both in the league and off the field. Recent poor form under Eric ten Hag has raised doubts about the management and club executives.
The Red Devils fans have occasionally demonstrated their unhappiness with the Glazers’ ownership at the club, protesting and demanding a change in the top management for the club’s better interest. Recently, the Glazers sold a quarter of the shares, and seemingly a Qatari takeover is not yet in the cards.
Sheikh Jassim withdraws from Manchester United takeover process
The Qatari businessman Sheikh Jassim, who had shown keen interest in taking over the iconic English giants Manchester United and had submitted a formal bid, is now withdrawing his offer due to rejection. The club’s ownership control remains with the Glazers.
The Glazers family, who took over the club’s ownership in 2005, are demanding £6 billion to sell the club. However, their recent decisions and financial settlements have raised questions, leading to protests by the fans. Most recently, they rejected a full transfer bid.
Sheikh Jassim and his Qatari association proposed £5 billion in exchange for a 100% share of the club and a commitment to clear all outstanding debts while also improving the squad. Additionally, they offered to support the Old Trafford renovation project. However, the Glazers rejected the bid, valuing the club higher than the proposed offer.
The Qatari consortium had been leading the race for the past year to purchase the club. The Glazers agreed to sell the club if the valuation matched the bid, but following a rejection, Sheikh Jassim decided not to pursue the deal and officially withdrew from the bidding process.
As it stands, the Glazers family will continue to control Manchester United’s operations for the time being, until a bid matches their demanding evaluation.
Sir Jim Ratcliffe to buy 25% of the club
The British billionaire Sir Jim Ratcliffe and his consortium, INEOS Group, are the frontrunners and the only bidders remaining in the process following Qatari Sheikh Jassim’s decision to withdraw from the deal after their proposed valuation offered by the current owners was rejected.
It is reported that the INEOS Group owner and CEO, Jim Ratcliffe, offered more than £5 billion but currently aims to secure only a quarter of the club’s shares, which is 25%, through a £1.5 billion deal. However, in the future, he plans to bid for 100%. At the moment, the Glazers retain major control of the club.
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