Football

Qatar’s Sheikh Jassim withdraws from process to buy Man United

50 Views

Qatari banker Sheikh Jassim bin Hamad Al Thani has withdrawn from the process to buy Manchester United, reports say.

Sheikh Jassim had bid £5bn for the club but further talks this week have broken down.

The Glazer family, who bought United for £790m in 2005, announced in November 2022 they were considering selling.

The Glazer family’s announcement last year that they were considering selling United led to a flurry of interest but only two offers, from Ineos and Sheikh Jassim.

Both tabled bids of about £5bn.

Sheikh Jassim’s camp have always maintained he was only interested in buying the club outright.

United supporters have held demonstrations against the Glazer family inside and outside Old Trafford.

The club are 10th in the Premier League having lost four of their opening eight matches, and were beaten in their first two Champions League games.

It is understood that Sheikh Jassim’s bid would have been a fully cash offer and would have cleared all old debt. There would also have been more than £1.4bn to finance new stadium plans, new training centre facilities, buy players and also for community regeneration projects.

Figures in March showed United owed £969.6m through a combination of gross debt, bank borrowings and outstanding transfer fees with associated payments.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

Back to top button
Change Language »