Sheikh Jassim is itching for a fight after troubling revelations regarding his bid for Manchester United
Sheikh Jassim is instigating legal action in the United States of America after it was made public that his bid for Manchester United was not backed by the necessary proof of funds.
This comes mere months after the Middle Eastern honcho was beaten to the finishing line by Sir Jim Ratcliffe who obtained a stake in the Red Devils. Given Sheikh Jassim’s deeper pockets, several sections of fans were open to the idea of Saudi ownership but it was not to be.
The Glazers opted to go with Sir Jim Ratcliffe over Sheikh Jassim’s £4.5bn debt-free bid. According to Sky Sports, the latter also included a bank guarantee by the chief executive of Qatar National Bank – the largest financial organization in not just the Middle East but also Africa.
The Qataris were ready to splash the cash but valued the club at around £2.6bn, unwilling to overpay to secure the club. Despite insisting that the amount was fully funded, Sheikh Jassim and Co held onto their stance, eventually getting passed over.
The Qataris were keen to purchase 100 percent of the club and pay off the debts. It came as a shock to them when the club informed their shareholders in the US that proof of funds was not made available despite the lofty ambitions.
They believe that the bids included protections around financial surety and were legally documented and submitted by letter. Thus United’s recent revelations that call into question the intent and authenticity have not been well received in Qatar.
As things stand, Sheikh Jassim is considering approaching the US Securities and Exchange Commission (SEC) to resolve the issue. He is keen to set the record straight and have a statement that reflects the truth.
We agree with the Qataris that it appears preposterous for the Glazers to be engaged in a long and drawn out negotiation process without being convinced of the documentation. However, despite Sheikh Jassim threatening legal action, the club continue to stick to their stance and have not commented further on the issue.
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With Sir Jim Ratcliffe set to usher in a new era, it is imperative that United ensure the truth comes out in the bidding process. It is imperative that all stakeholders know the truth and ensuring transparency will aid in retaining faith that the process was truly a fair one. The last thing we need is to open another can of worms, leading to a long and drawn out stand off.