Sheikh Jassim bin Hamad Al Thani has withdrawn his £5 billion bid to buy Manchester United from current owners the Glazers, and Sir Jim Ratcliffe is now likely to buy 25% of the club.
Sir Jim Ratcliffe is expected to buy a minority position in Manchester United, while Sheikh Jassim bin Hamad Al Thani has no plans to re-enter talks with the Glazers about buying the club.
After the Glazers indicated last November that they would “consider all strategic alternatives, including new investment into the club, a sale, or other transactions,” Sheikh Jassim had hoped to achieve a full takeover at Old Trafford.
The last bid from the Qatari banker was worth roughly £5 billion, and he promised to clear United’s debts and invest an additional £1 billion in the transfer market, as well as improve the club’s infrastructure.
“The bid plans to return the club to its former glories both on and off the pitch and – above all – will seek to place the fans at the heart of Manchester United Football Club once more,” a spokeswoman stated in a statement made after his first bid.
“The bid will be debt-free thanks to Sheikh Jassim’s Nine Two Foundation, which will invest in the football teams, the training centre, the stadium and surrounding infrastructure, the fan experience, and the communities the club supports.” The bid envisions Manchester United Football Club becoming known for footballing prowess and being considered as the finest football club in the world.”
He did, however, withdraw from the event on Saturday after failing to reach a deal after another round of negotiations. Raine Group, the New York investment banking firm tasked with handling the process on behalf of the Glazers, was told of his choice, and writer Fabrizio Romano says that he has ‘no current plans to reverse that’.
Sheikh Jassim’s resignation cleared the door for Ratcliffe to clinch a deal, and he is likely to buy 25% of the club for roughly £1.4 billion, with United’s board expected to meet on Thursday to discuss his bid. Ratcliffe will take over the sporting business, with the INEOS CEO hoping to conduct a comprehensive makeover.
The 70-year-old has already criticised the club’s management since Sir Alex Ferguson’s departure. “INEOS never wants to be the dumb money in town, never, never,” Ratcliffe said in 2019.
“They didn’t get the manager selection right, and they didn’t buy well.” They’ve been the foolish money, as evidenced by players like Fred. United has spent a lot of money since Ferguson went and has been disappointing, to put it nicely. To be honest, it was shockingly bad.
“Here (in Nice), we take a different way to being fairly intelligent about it. Try to go more grassroots, looking for emerging talent. United has performed appallingly. They’ve somehow lost the plot there.”
