- Qatari bidder withdraws from Manchester United purchase.
- Glazers deemed the valuation inadequate.
- Uncertain future for the club’s ownership.
The potential sale of the renowned team comes amid a notable lack of accolades following Sir Alex Ferguson’s retirement.
Qatari businessman Sheikh Jassim bin Hamad al Thani has withdrawn from the bidding process to acquire Manchester United.
According to the Glazers, United may be sold in November, and his £5 billion offer was the only one.
He and Ineos millionaire Sir Jim Ratcliffe were the leading candidates to succeed the American family as football club owners.
However, it is widely acknowledged that the Glazers, who have owned United since 2005, did not find the Qatari’s valuation to be adequate. As a result, Sheikh Jassim has withdrawn from the negotiation process.
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The withdrawal follows additional discussions between Sheikh Jassim and the Glazer family in recent days.
Sir Jim, a petrochemicals tycoon and longtime fan, offered to buy 25% of the club.
Sir Jim’s Ineos Sports vehicle had put forth a proposal to the controlling Glazer family. The proposal called for Ineos Sports to purchase proportional shares and NYSE-listed stock.
This offer would require both sets of shares to be purchased at the identical price.
Sheikh Jassim submitted a “fifth and final bid” in June to buy the club outright.
The initial offer for the club was submitted by the Qatari in February.
It is not impossible for interest to be reignited.
The bid team led by Sheikh Jassim had considered withdrawing in May due to the lack of progress since submitting what appeared to be their final offer in April, as requested by the Glazers.
Sheikh Jassim’s offer may have increased since then. But the Glazers rejected it despite being significantly larger than the club’s $3.3 billion New York Stock Exchange valuation.
As protests against the Glazers persist, the parties are divided over the valuation, which leaves the possibility that Sheikh Jassim could be enticed back into the protracted process alive.
United’s hatred of the ownership has grown after four straight losses in their first eight Premier League games and a tenth-place finish.
Additionally, Erik ten Hag’s squad has lost both of its Champions League group matches thus far in 2023-24.
It was reported earlier this year that Sheikh Jassim’s offer would have eclipsed the agreement to acquire NFL side Washington Commanders and made United the most expensive sports team in history by at least £200 million. However, the offer fell short of the Glazers’ own valuation of the club at approximately £6 billion.
In order to improve Old Trafford and win the Premier League for the first time since a record 20th league title in 2013, United require financial investment.
Since acquiring the club for just under £800 million in 2005, the Glazers have had ownership of Manchester United. During this 18-year tenure, there have been numerous protests and a noticeable lack of trophies, particularly since the retirement of former manager Sir Alex Ferguson in 2013.
The Red Devils won their first trophy in six years after defeating Newcastle United in the Carabao Cup final in February.
