Sheikh Jassim’s bid provided no proof of funds – Man United،
Sheikh Jassim bin Hamad Al Thani and his team repeatedly failed to provide proof of financing during their negotiations to buy Manchester United, according to documents submitted by the club to the United States Securities and Exchange Commission (SEC).
The Qatari businessman was in talks between February 2023 and October 2023, when he withdrew from the process, but according to documents released on Wednesday, he did not provide “the usual funding commitment letters “.
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The SEC is an independent agency of the U.S. government that protects investors and helps maintain a fair market.
ESPN has attempted to contact Sheikh Jassim for comment.
It was announced on Christmas Eve that British billionaire Sir Jim Ratcliffe had reached a deal to buy a 25% stake for £1.3 billion ($1.65 billion), more than a year after the team's owners, the Glazer family, have revealed their intention to undertake a transaction. “strategic review” in November 2022. The Ratcliffe agreement is expected to be ratified next month.
An SEC filing detailing United's search for a new owner or investment showed that Raine, the investment bank handling the process, initially entered into 26 nondisclosure agreements with interested parties.
After months of discussions, Sheikh Jassim officially informed United of his intention to withdraw on October 15, 2023, with sources close to the offer citing “frustration” that the Glazers' valuation of the club was “unrealistic.
Sheikh Jassim's offer sought a 100% stake, while SEC filings show Ratcliffe began moving toward an offer to purchase a minority, rather than majority, stake in summer 2023 .
The deal will see Ratcliffe and his INEOS team, led by Sir Dave Brailsford and Jean-Claude Blanc, take control of football operations once the deal is officially given the green light.
Ratcliffe will get first refusal if the Glazers decide to sell more shares, although there is no formal route for the INEOS CEO to take control of Old Trafford.
The Glazers, who remain majority shareholders, can also force Ratcliffe to sell its shares after an initial 18 months if a new buyer comes forward.
Meanwhile, United have agreed a deal with Manchester Metropolitan University's Institute of Sport which will allow access to the university's research studies to improve the performance of their men's, women's and academy teams.
United director of football John Murtough said: “We constantly strive to be at the forefront of innovation and progress in footballing performance, and this initiative will strengthen those efforts.”
