 |
| Sheikh Jassim bin Hamad al Thani |
Qatari businessman Sheikh Jassim bin Hamad Al Thani has decided to withdraw from the process of acquiring Manchester United, according to a source familiar with the matter.
Sheikh Jassim deems Manchester United valuation unrealistic
After engaging in further discussions with the club's owners, the Glazer family, Sheikh Jassim determined that the valuation of the club was unrealistic.
Sheikh Jassim's bid for Manchester United was valued at approximately £5 billion ($6.061 billion), while sources indicate that the Glazers value the club at over £6 billion. It is worth noting that the current market value of the club stands at around £2.6 billion.
The Qatari offer encompassed the complete acquisition of the club and included a commitment to eliminate the existing debt. As of March, Manchester United's reported debt amounted to £969.6 million. Additionally, Sheikh Jassim pledged £1.4 billion for the redevelopment of various facilities, including the renowned Old Trafford stadium, as well as for enhancing the playing squad.
INEOS consortium confident in securing 25% stake in the club
In the ongoing acquisition process, British billionaire Sir Jim Ratcliffe and his INEOS consortium remain active participants. They have now expressed confidence in finalizing a deal to acquire a 25% stake in the club, valued at approximately £1.5 billion. Although Ratcliffe and INEOS have modified their initial proposal to allow the Glazers to retain control, their ultimate objective remains to gain full ownership of Manchester United.
Sources have revealed that the Glazer family has also received offers for minority investment from several U.S.-based financial groups. The American family, who acquired the club in 2005 for £790 million, announced last November that they were exploring various strategic alternatives, including the possibility of a complete sale or accepting minority investors.