Sheikh Jassim bin Hamad al-Thani has informed Manchester United’s owners, the Glazers, that he has withdrawn from the process to buy the club, viewing their valuation as highly unrealistic when compared to his £5bn-plus final offer. This leaves Sir Jim Ratcliffe as the only other publicly declared interested potential purchaser.
The decision will come as a bitter blow to the large constituency of United supporters who remain deeply unhappy with the Glazers’ proprietorship due to the near-£1bn debt the club is in. The Qatari billionaire’s offer was a cash bid for 100% and guaranteed further funds to completely clear the debt.
Unitedare valued at around $3.2bn , with Sheikh Jassim’s offer close to double that amount. Yet after further recent discussions the Glazers made clear their asking price and Sheikh Jassim pulled out after what sources close to the Sheikh describe as “a fanciful and outlandish valuation”. He had also pledged a further $1.7bn to finance transfers, plans for a new stadium and training centre facilities, plus city and community regeneration projects.
He is now out of the process unless the Glazers lower their valuation to possibly revive his interest, meaning only the offer from Ratcliffe, one of Britain’s richest people, remains. While his initial offer was for around 51% it was reported recently this hasDownload the Guardian app from the iOS App Store on iPhone or the Google Play store on Android by searching for 'The Guardian'.In the Guardian app, tap the Menu button at the bottom right, then go to Settings , then Notifications.
It is also a setback for the manager, Erik ten Hag, whose wish is for certainty as soon as possible as he bids to bring stability and return success to the team.