Man United takeover latest: Sheikh Jassim to get telltale hint Today as Glazers update emerges – the End has finally come
The Qatari bidders looking to buy Manchester United are confident they are the favourites to take over from the Glazers, per new reports, but it is claimed the American family are still to share whether or not they will sell up or hang on to the club.
Qatari banker Sheikh Jassim bin Hamad al-Thani and British billionaire Sir Jim Ratcliffe are the two major players looking to become United’s new majority shareholder. But there has been little movement in the takeover battle in the last few weeks.
The Glazer family and the Raine Group, who are managing the sale, have yet to confirm the favoured bid between the two. The Glazers want around £6billion for United but the biggest bids thus far have come to around £5bn.
INEOS chief Sir Jim Ratcliffe has made an offer that would see him the Glazer brothers Joel and Avram retain a 20 per cent stake in United. Elsewhere, there are some US investment companies – such as Elliott Management – offering minor investment to allow the Glazers to retain controlling interest but with extra funds.
A financial report from Bloomberg says that the Glazers will decide ‘imminently’ whether or not to sell or to remain in power. The report claims that should Sheikh Jassim not hear back very soon, it is a ‘big hint’ the current owners wish not to sell.
Such a decision would go down very badly with the United fanbase, the vast majority of whom want the Americans to leave the club. The Glazers have racked up massive debuts at Old Trafford since a leveraged buyout in 2005 and have overseen a 10-year spell without a Premier League title.
Sheikh Jassim’s personal wealth stands at around £900m but his family have a collective worth of roughly £275bn. While Sir Jim Ratcliffe, as of May 2023, has an estimated net worth of £29.6bn. He is the chairman and CEO of the INEOS chemicals group.
A takeover before the closure of the summer transfer window could allow United to make more signings with the Qataris promising to clear the club’s debts. A statement in February from Sheikh Jassim, 41, who is the son of a former Qatari prime minister, confirmed his intentions for the Red Devils.
“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports,” a spokesperson said.
“The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops.”
