Manchester United takeover; Jim Ratcliffe, latest news, Sheikh Jassim pulls out,،
Qatari banker Sheikh Jassim Bin Hamad Al Thani has withdrawn his offer to buy Manchester United, the BBC reported on Saturday.
United announced almost a year ago that it was exploring “strategic alternatives to enhance the club’s growth”, with an outright sale among the options.
Get all the latest football news, highlights and analysis delivered straight to your inbox with Fox Sports Sportmail. Register now!!!
Sheikh Jassim and British billionaire Jim Ratcliffe were in the lead after several rounds of bidding earlier this year, but the process has stalled in recent months despite supporters’ anger at the current owners, the Glazer family.
The Daily Mail reported that Ratcliffe is now set to secure a 25% stake in the club for around £1.5 billion ($1.7 billion).
The Glazers have owned the English giants since a leveraged takeover in 2005 for £790 million ($961 million) saddled the club with huge debts.
March figures showed United’s debt stood at £970m. Sheikh Jassim’s offer aimed to take full control of United and promised to clear the club’s loans.
The BBC reported that its offer was worth £5 billion, but that further negotiations this week had failed. It is understood that the withdrawal stems from frustrationson the valuation placed on United by the Glazers.
In contrast, Ratcliffe would be willing to buy a smaller stake to break the impasse over the Glazers’ asking price of £6 billion.
The founder of petrochemical giant Ineos, Ratcliffe has been a United fan since childhood and already has a portfolio of sports investments.
Ineos owns French club Nice and Swiss club Lausanne-Sport, as well as leading cycling team Ineos Grenadiers and is a major sponsor of the Mercedes Formula 1 team.
United’s fortunes on the pitch also faded under the Glazers’ tenure. The Red Devils have not won the Premier League since former manager Alex Ferguson retired in 2013 and last won the Champions League in 2008.
They currently sit 10th in the Premier League and have lost their opening two Champions League group stage matches for the first time in the club’s history.
Fans have also been frustrated by the lack of investment in United’s infrastructure over the past two decades.
Old Trafford remains England’s largest club football stadium, but is in need of significant redevelopment to keep pace with the facilities offered by its rivals.
United’s home ground was overlooked in favor of Manchester City’s Etihad Stadium for the UK and Ireland’s successful bid to host Euro 2028.
Reigning Premier League champions City’s fortunes have been transformed since their takeover by Sheikh Mansour, a member of Abu Dhabi’s ruling family, in 2008.
In 2021, the Saudi sovereign wealth fund acquired a majority stake in Newcastle.
But the candidacy of Sheikh Jassim, the son of a former Qatari prime minister, has sparked concerns about the potential growth of the state’s influence within the Premier League.
Amnesty International has called on the Premier League to strengthen ownership rules to ensure they are “not an opportunity for further sportswashing”.
