Sheikh Jassim withdraws from contention after Glazers reject massive bid for Manchester United

Sheikh Jassim withdraws offer after the Glazers reject a massive bid and opportunity for Manchester United to become debt-free.

Sheikh Jassim thas informed Manchester United owners, The Glazers that he is withdrawing from the takeover process after the Americans rejected a massive bid.

Fabrizio Romano exclusively reported that Sheikh Jassim bin Hamad Al Thani has withdrawn his offer to buy Manchester United. United owners, the Glazers, have rejected a new offer from Sheikh Jassim that was almost double than $3.5bn market valuation.

The deal would’ve given the Qatari businessman 100 percent control over the club. Sheikh Jassim’s offer also included a $1.5bn additional investment in the club and a complete removal of the debts.

Sheikh Jassim withdraws offer after the Glazers reject a massive bid and opportunity for Manchester United to become debt-free. . (Photo by Julian Finney/Getty Images)
The Glazers are holding onto Manchester United firmly despite the continuous protest from the fans. (Photo by Julian Finney/Getty Images)

The Red Devils did not make any public comment with regard to the takeover talk in the last few months. Sheikh Jassim’s withdrawal means that only Sir Jim Ratcliffe remains the sole favourite interested in the club.

Sheikh Jassim and Ratcliffe came out as two favourites for takeover when The Glazers announced their willingness to hear offers. They released the statement in November, coinciding with the termination of Cristiano Ronaldo’s contract.

The Glazers rejected the initial bid of £4.5bn made by Sheikh Jassim and Ratcliffe, as they demanded a higher value.

Sheikh Jassim is the chairman of one of the biggest banks in the Middle East, Qatar Islamic Bank (QIB). The Qatari businessman is also a member of the Qatari royal family whose collective net worth is around £275bn.

Ratcliffe, meanwhile, is currently the second wealthiest person in Britain with a £30bn valuation. Additionally, he is the chairman and chief executive officer (CEO) of the INEOS chemicals group.

The Daily Mail reported during September that the Glazers are holding out for £10bn. The Glazers have shown intentions to take the club off the market in case the valuation is not met. The news caused United’s share price to dip by 18.2 per cent

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The Old Trafford fans have protested against the Glazers since their infamous takeover in 2005. The fans have accused the Glazers of extracting a significant amount of funds from the club and keeping it in debt. The fans would not welcome this new development as the Glazers are showing a strong inclination towards keeping the club.