Sheikh Jassim bin Hamad Al Thani has decided to withdraw his £5 billion bid to purchase Manchester United. Talks between Sheikh Jassim and the Glazer family, who currently own the club, broke down this week, putting an end to his pursuit of the iconic football club.
The Glazer family, who acquired Manchester United in 2005 for £790 million, announced in November 2022 that they were exploring the possibility of selling the club. This announcement sparked a flurry of interest from potential buyers, but ultimately only two serious offers emerged: one from petrochemical giant Ineos and the other from Sheikh Jassim.
Both Ineos and Sheikh Jassim tabled substantial bids, each in the vicinity of £5 billion. However, Sheikh Jassim was determined to buy the club outright, and this condition played a pivotal role in the breakdown of negotiations.
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Manchester United supporters have long voiced their dissatisfaction with the Glazer family’s ownership of the club, with protests both inside and outside Old Trafford. The team’s on-field performance has added to the frustration, as they currently sit in 10th place in the Premier League, having lost four of their first eight matches. Additionally, they faced early setbacks in the Champions League.
Sheikh Jassim’s bid had it succeeded, would have involved a full cash offer and would have wiped out the club’s existing debt. Furthermore, it would have provided over £1.4 billion for various purposes, including financing new stadium plans, upgrading training facilities, acquiring new players, and supporting community regeneration projects.
As of March, Manchester United’s financial records revealed a significant debt of £969.6 million, encompassing gross debt, bank loans, and outstanding transfer fees with associated payments. While Sheikh Jassim’s offer seemed promising, the future of Manchester United’s ownership remains uncertain, as the Glazer family continues to explore potential buyers.
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