Qatari Sheikh Jassim WITHDRAWS from Man Utd takeover process after Glazers snub

Updated: 14 Oct 2023 22:00 BST
4 min read

Manchester United’s takeover saga has hit a dramatic twist after one of the frontrunners informed the Glazer family that they are ready to withdraw from the process following another rejection of their proposal to buy the club.

United’s owners have been looking for external investment for nearly a year and the process had been narrowed down to two favourites, with Sir Jim Ratcliffe eyeing a partial purchase while a bid from Qatar’s Sheikh Jassim was for total control of the club.

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However, Sheikh Jassim has reportedly withdrawn from the process after submitting a new bid to the Glazer family, which was a fully cash bid that would have left the club debt-free in exchange for 100% control of the club.

LEAVE NOW!: Former Man Utd legend demands sale for Glazers and speaks on Qatari links

According to transfer guru Fabrizio Romano, Sheikh Jassim held further discussions with the Glazer family but his fresh proposal was rejected, which led to the Qatari billionaire to back out of the process after months of negotiations.

Romano states that the final bid was understood to be ‘more than double the $3.5 billion market value’, while $1.5bn in extra investment was planned, however the rejection has led to Sheikh Jassim walking away.

The news leaves Ratcliffe – Britain’s richest man – as the sole frontrunner for any investment, although the INEOS CEO is more likely to structure his deal to allow the Glazers to retain their places on the board with a partial purchase instead of a full sale.

United board set to hold summit after delayed proceedings

The Glazer family announced in November last year that they would be seeking external investment which could lead to a full sale of the club, beginning the formal process to potentially end their association with United after nearly 20 turbulent years in control.

There was initially a flurry of interest and United had hoped a deal would have been wrapped up by the end of last season but none of the bids received proved satisfactory to the Glazer family.

RESPONSE: United CEO Richard Arnold answers questions proposed takeover

It is believed the American owners were holding out for a fee of around £6 billion but offers from Ratcliffe and Sheikh Jassim fell significantly short of that number.

🚨 Exclusive story on #MUFC takeover.

◉ Glazers informed of Sheikh Jassim decision — he has WITHDRAWN from the process.

◉ Final bid understood to be almost double than $3.5B market valuation.

◉ $1.5B extra investment was planned.

🇶🇦 All details: https://t.co/1bJDyEEq0g pic.twitter.com/fgxb41cyrr
— Fabrizio Romano (@FabrizioRomano) October 14, 2023

While talks have been continuing over the past few months, United have not publicly commented on any progress and there has been a growing belief that the Glazers will remain at the club for the near future.

United’s board members will reportedly hold a summit next week to assess their options but it appears, at least for now, the main bid which would have seen the Glazers fully leave club is now off the table, much to the chagrin of the team’s supporters.