It is an unceremonious exit for Sheikh Jassim from the Manchester United takeover battle. If reports are to be believed, the businessman from Qatar is finally ready to walk away from the deal. Jassim was seeking to buy 100 of the Manchester-based club from the Glazers family, but it now seems that the talks have hit a roadblock.
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In a new report, football journalist Fabrizio Romano claimed that Jassim had held new talks with Man United owner. The businessman is said to have presented the Glazers with a new proposal.
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The Glazers rejected the proposal, prompting Jassim to to inform the Man United owners and the Raine Group – tasked with overseeing the process – that they will be walking away from the deal.
Romano also revealed that new deal on the table offered to buy 100 per cent stake in the club with full payment upfront. The deal also offered to repay old debt, with no new debt. However the Glazers didn’t deem the offer serious enough to be accepted.
The current market valuation of Manchester United is $3.5 billion but Sheikh Jassim is understood to have bid double that. There was also an offer of an $1.5B extra investment, only for the Glazers to turn him down.
Sheikh Jassim’s team declined to comment on the news, citing ‘confidentiality restrictions’. However, they confirmed Sheikh Jassim is indeed walking away from the deal.
The latest offer by the chief executive of INEOS would see Ratcliffe take a majority shareholding in the club, while current co-owners Joel and Avram Glazer would retain a minority shareholding of 20 per cent.
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