Sheikh Jassim bin Hamad Al Thani has pulled out of the race to purchase Manchester United, after a round of final talks with the Glazers. The Qatari chief was set to bid a value worth double the €3.5 billion valuation that the American owners set, with €1.5 billion extra planned in the form of investments.
However, the Glazers rejected Sheikh Jassim’s offer once again which has caused the QIB chief to withdraw from the race completely. As a result, the Glazers will continue to stay in charge of the club in spite of the mass protests from fans and the drama surrounding a potential sale over the summer.
Sheikh Jassim bin Hamad Al Thani withdraws from race to buy Manchester United
Britain’s richest man, Sir Jim Ratcliffe was also in the running to buy Manchester United this summer alongside Sheikh Jassim. But, unlike the Qatari Sheikh, his offer was for a partial takeover with the Glazers still at the club owning a minority stake.
After it was initially thought that his bid would be rejected, Ratcliffe now appears in pole position to claim 25% of the club for £1.3 billion. This minority investment is part of a long-term takeover process which will see the Glazers eventually removed from ownership.
But, Ratcliffe’s bid is yet to be ratified now that he is the only major player left in the race to buy the club. The final decision will be made after a voting process within the United board.
