Manchester United sale: Sheikh Jassim bin Hamad Al Thani withdraws from Red Devils bid, per reports
Qatari banker leaves process to acquire Red Devils
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1 min read
Sheikh Jassim bin Hamad Al Thani has withdrawn his offer to buy Manchester United from the Glazer family, according to multiple reports. The Qatari banker had reportedly offered just over $6 billion for the Premier League giants but discussions this week have reached stalemate. The Glazers acquired United for around $958 million back in 2005 and confirmed back in November of 2022 that they were considering a sale.
Almost 12 full months later, Sheikh Jassim and British businessman Sir Jim Ratcliffe's INEOS Group were the two remaining bidders. Financial figures released back in March showed that United's combined gross debt, bank borrowings and outstanding transfer fees with additional payments totaled around $1.18 billion.
Ratcliffe is reportedly considering a minority stake to finally make a breakthrough in terms of the club's ownership. INEOS and Sheikh Jassim were the only two firm offers after the Glazer family announcement with both proposing around $6 billion.
Sheikh Jassim's offer was for an outright purchase of United while supporters have protested against the Glazers' ownership in and around Old Trafford. On the field, Erik ten Hag's men are 10th in the Premier League table with four losses from eight games so far and two more defeats from their opening two UEFA Champions League games.
Sheikh Jassim's offer was a full cash bid which would have cleared all debts with nearly $1.7 billion to go towards stadium plans, training facilities, player purchases and community investments. No statements have been made by Sheikh Jassim, INEOS or the Glazers after this latest setback with last November's 'strategic review' the last public comment from the current owners.
United chief executive Richard Arnold, in a meeting with fans earlier this week, that "All I can say at this moment is the work is ongoing" with 2023 end-of-year financial results now overdue. June figures suggested that United were set for record revenues despite no Champions League soccer last season with their previous best 2019's performance of $760 million.
