Qatar’s Sheikh Jassim Withdraws Bid To Buy Manchester United from Glazers
Qatari banker and member of the ruling family Sheikh Jassim bin Hamad al-Thani has withdrawn his bid to buy the UK’s Manchester United Football Club from its owners, the Glazer family of the United States.
Reports said the sheikh, a brother of Qatari Emir Sheikh Tamim bin Hamad al-Thani, had made an offer for 100% ownership of the club at almost double the club’s value, but was withdrawing after the Glazers insisted on a “fanciful and outlandish valuation” for the club.
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The amount the Glazers wanted has not been made public. The club is valued at about $3.3 billion and has debts of about $1 billion. The sheikh reportedly made a final offer of over $6 billion, and promised a further investment of over $1.7 billion for transfers, building new facilities, and community projects.
The Glazers, who have owned the club amid great controversy since 2005, announced last November that they wanted to sell.
The withdrawal of Sheikh Jassim leaves British billionaire Sir Jim Ratcliffe, the founder and chairman of the INEOS chemicals conglomerate, as the only party with an offer to buy the club. He has proposed purchasing 25%, which would still leave one or some of the Glazers at the club. Many fans have long protested against the Florida-based family’s ownership of the club.
