Major British newspapers have confirmed that billionaire Sheikh Jassim has decided to withdraw from the Man Utd purchase deal. The Qatari businessman is said to have run out of patience with the Glazer family.
According to journalist Fabrizo Romano, in the past few days Sheikh Jassim has been discussing and negotiating to own all of Man Utd's shares. The bid is said to be around 6 billion pounds, double the value of Man Utd on the New York Stock Exchange.
Sheikh Jassim pledged to clear the Red Devils' debts, invest £1.2bn to upgrade Old Trafford stadium, renovate Carrington training centre, spend money on transfers and community projects in the city of Manchester.
However, Sheikh Jassim's bid still did not meet the Glazer family's expectations. The Qatari billionaire decided to withdraw from this huge deal.
Billionaire Sheikh Jassim abandons bid to buy Man Utd.
Journalist Fabrizo Romano also said that Sir Jim Ratcliffe is the only person in the race to take over Man Utd. The businessman proposed to buy 25% of Man Utd shares for about 1.5 billion pounds. This offer is said to please the Glazer family more because they still have control of the red team in Manchester.
This is also the first step in Sir Jim Ratcliffe's attempt to take over all of Man Utd. The deal to buy 25% of Sir Jim Ratcliffe's shares will be carried out in the coming days.
Since taking over Man Utd in 2005, the Glazer family has faced fierce opposition from the club's fans. They have been accused of not investing in or upgrading the club's facilities. In addition, the Red Devils have fallen into heavy debt (nearly £1 billion) and the team's performance has declined.
The club's fans have been protesting. Last November, the Glazer family announced plans to find a strategic alternative for Man Utd. Specifically, they would sell their shares in the club.
Qatari banker Sheikh Jassim and British billionaire Sir Jim Ratcliffe are in a two-horse race. However, Sheikh Jassim's five bids were rejected, while the Glazers are more interested in co-ownership with Sir Jim Ratcliffe.
Van Hai
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