July 13, 2024

Sheikh Jassim Makes Way For Sir Ratcliffe To Buy Manchester United

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With Manchester United valued at $3,2 billion (R63 billion), Sheikh had doubled the amount.

FILE PHOTO: Manchester United bidder Sir Jim Ratcliffe leaving Old Trafford. PICTURE: Football365

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MANCHESTER: The Qatari had tabled a staggering $8 billion (R153 billion) cash offer.

Qatari’s Sheikh Jassim Bin Hamad Al-Thani has withdrawn from negotiations to purchase the English Premier League (EPL) outfit Manchester United, according to journalist Fabrizio Romano.

His withdrawal has opened a window of opportunity for a British billionaire, Sir Jim Ratcliffe, to acquire a minority stake in the Red Devils from the Glazers.

The Qatari had tabled a staggering $8 billion (R153 billion) cash offer for the club’s wholly ownership. Al-Thani, whose plans included financing a new stadium, training facilities and community regeneration programmes, had undertaken to clear the club’s old and new debts.

His bid included an additional $1,5 billion (R28 billion) investment that would finance player transfers to strengthen the club. With Manchester United valued at $3,2 billion (R63 billion), Sheikh had doubled the amount. However, the Glazers have rejected his bid for a total takeover of the club, probably asking for more.

With the news of the Qatari offer going away, Sir Ratcliffe is now in conversation with the club owners as the leading figure to acquire a stake in the United. Romano reports that his initial interest of 51% control of the club has been reduced to 25%, with which the Brit would want to control all football or sporting operations and future major ownership.

Ratcliffe’s hopes of acquiring a stake in the club are now vested in the board, which will vote on the matter in the coming days, thereby giving the club direction.

Sheikh’s withdrawal did not sit well with the club supporters who wanted the Glazers out of the club. In recent years, Manchester United has taken a back seat and their archrivals, Manchester City’s rise have added insult to injury to the Red side of Manchester.

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