The Qatari bidders to buy Manchester United reportedly made a huge ‘own goal’ with their very first statement revealing Sheikh Jassim’s intention to buy the Premier League club. Sheikh Jassim’s proposal to complete a full takeover was withdrawn on Saturday, leading to a likely partial purchase by British Billionaire Sir Jim Ratcliffe.
Sheikh Jassim and Ratcliffe were the two main parties involved in the lengthy takeover process. The Glazer family initially put the club up for sale last November and oversaw at least three publicly-known rounds of bids.
But the unpopular current owners felt that their reported £6billion valuation was never met. They supposedly reneged on their hope for a full takeover during the summer, believing that the value of the club could soar over the next few years.
The Qataris are reported to have made one final offer before withdrawing their proposal. But Sheikh Jassim is claimed to have never got close to reaching the £6bn needed, only offering £5bn in the final round of offers in April when Ratcliffe had already done so.
According to The Times, it has now emerged that Sheikh Jassim got off to a bad start with the public statement put out when his bid was first announced late in 2022. The report claims that the Glazers interpreted some words to be criticism of the way they had run the club since completing their own full takeover in 2005.
Sheikh Jassim’s withdrawal is now set to pave the way for a partial takeover by rival Ratcliffe next week. The report adds that the United board will likely vote in favour of Ratcliffe’s INEOS buying a 25 per-cent stake in the Red Devils.
Part of the proposed agreement will see Ratcliffe’s team head up the sporting arm of the club. In a co-owned entity, the Glazers will continue to oversee the commercial side.
