Manchester United bidder Sheikh Jassim Bin Hamad Al Thani has reportedly withdrawn his bid to buy the club from the Glazers.
In a major development to the United takeover process, Sheikh Jassim via his Nine Two Foundation investment vehicle are no longer proceeding with their intention to take over the reins at Old Trafford.
Transfer expert Fabrizio Romano reports, ” Sheikh Jassim has presented fully cash bid, clearing all old debt, with zero new debt, for 100% of the Club.”
“Sheikh Jassim’s team decline to comment on this news citing “confidentiality restrictions”, but have confirmed they’ve withdrawn from the process.”
🚨 EXCLUSIVE: Sheikh Jassim has presented fully cash bid, clearing all old debt, with zero new debt, for 100% of the Club.
Sheikh Jassim’s team decline to comment on this news citing “confidentiality restrictions”, but have confirmed they’ve withdrawn from the process. pic.twitter.com/UBUVDyDVAt
— Fabrizio Romano (@FabrizioRomano) October 14, 2023
Before his confirmation that Sheikh Jassim has withdrawn his offer to complete a full buy-out of United, Romano relayed that there were talks between representatives of the Qatari royal and the Glazers.
However, it seems those negotiations did not bear any fruit.
Romano initially stated, “Sheikh Jassim has had further discussions with Glazers family to buy 100% of Manchester United.
Sheikh Jassim’s bid proposition has been rejected again by Glazers family.”
“As a result — Sheikh Jassim informed Glazers that he’s ready to withdraw from the process.”
All indications point to the fact that Sheikh Jassim made good on his threat and as a result, INEOS billionaire Sir Jim Ratcliffe alongside a host of other minority bidders are the only suitors left who are keen on investing in United.
News of Sheikh Jassim’s exit from the takeover has also been confirmed by ESPN journalist Rob Dawson.
Dawson adds that while the Qatari camp is not officially commenting, they’ve already informed Raine Group, the merchant bank acting on behalf of the Glazers, that they are no longer interested.
This primarily stems from the Glazers’ unrealistic valuation of United.
Romano reported that Sheikh Jassim’s final bid was around twice United’s market valuation of $3.5 billion and a further investment of $1.5 billion was planned.
It remains to be seen where the next twist in the tale takes the takeover process.