Manchester United will not change ownership as Sheikh Jassim bin Al Thani has withdrawn his substantial offer to purchase the club. This move comes after Sheikh Jassim and the Glazer family, current owners of Manchester United, failed to reach an agreement.
Reports earlier this year suggested that the Glazers were hesitant to part with their entire stake in the club. This reluctance has continued, leading to Sheikh Jassim’s withdrawal from the acquisition process.
The Qatari’s offer of more than $6 billion significantly exceeded the club’s current market value of $3.3 billion. However, it was still insufficient to meet the financial demands of the Glazer family, who have opted to maintain their ownership.
🚨🚨🌕| Qatar’s Sheikh Jassim’s promise to restore United to its “former glories” with a “completely debt free” purchase did not amuse the Glazers, who saw the wording as implied criticism of their own tenure. [@TimesSport] pic.twitter.com/4GeIPfAUKK
— centredevils. (@centredevils) October 15, 2023
In addition to offers falling short of Glazer’s expectations, disagreements among the club’s owners regarding a potential sale and its price, and worries about potential legal action from minority shareholders, the protracted bidding process has been difficult.
Recent reports from Bloomberg indicate that British billionaire Sir Jim Ratcliffe has emerged as a leading contender to acquire Manchester United. His revised offer has reportedly given him an edge over the Qataris.
The fans of the Red Devils have been actively responding to this deal on social media, with some expressing disappointment in the Glazers’ decision. One fan’s comment succinctly captures the sentiment: “Truth hurts.”
Another fan critiqued the Glazers, saying, “RUINED AN ENTIRE CLUB AND NOW ARE NOT TAKING THE BLAME. CLASSIC GLAZERS.”
RUINED AN ENTIRE CLUB AND NOW ARE NOT TAKING THE BLAME
CLASSIC GLAZERS
— Travis 👑 (@UTDTravis) October 15, 2023
Reports suggest that Ratcliffe could make an offer for some of the shares held by the Glazers and minority investors in Manchester United. Ratcliffe may end up with an initial stake of roughly 25% in Manchester United and that might be the only reason for the Glazers to stick around.
Sheikh Jassim’s shift his focus from Manchester United to their bitter rivals
Qatari businessman Sheikh Jassim has taken a step back from the pursuit of acquiring Manchester United, and his next move may involve a renewed interest in investing in Tottenham Hotspur.
Tottenham could soon become the focal point of a potentially lucrative takeover bid, prompted by significant developments regarding Manchester United. Sheikh Jassim, a Qatari banker, and Jim Ratcliffe, the owner of INEOS, were the two primary figures expressing interest in acquiring Manchester United.
Qatari investors could still bid for a stake in Tottenham Hotspur, even if Sheikh Jassim bin Hamad Al Thani completes a takeover of Manchester United.@TimesSport pic.twitter.com/yvivSreQKC
— The Spurs Web (@thespursweb) February 18, 2023
Although the future intentions of Sheikh Jassim are somewhat unclear. Nevertheless, there are indications that he maintains a strong interest in investing in the Premier League.
According to Mark Ogden, an ESPN journalist, if Sheikh Jassim’s efforts to acquire Manchester United do not materialize, he and his team might redirect their focus toward Tottenham Hotspur. With the Manchester United development turning out as it has, Tottenham could potentially face a substantial and game-changing takeover attempt. The coming weeks may provide more clarity on this potential development.
