Following his decision to withdraw from the bidding process, Sheikh Jassim bin Hamad al Thani of Qatar has agreed to pay £1.3 billion to Sir Jim Ratcliffe to acquire 25% of Manchester United.
After acquiring Manchester United in 2005 for less than £800 million, the Glazer family has controlled the team for 18 years. Concerning the team’s performance, there have been numerous demonstrations since Sir Alex Ferguson, the club’s former manager, retired in 2013.
There was a belief that Sheikh Jassim’s offer, which was worth over £5 billion, represented United’s greatest value. But until the Qatari billionaire made the decision to give up on the process, the Glazers continued to turn down his bids.
Presumably because the Glazers, who have owned United since 2005, did not think his assessment was sufficient, Shiekh Jassim withdrew from the process.
According to the other proposal, Sir Jim, a billionaire from the petrochemicals business and a longstanding supporter, would purchase around 25% of the team. It seems probable that the agreement will be accepted at the United board meeting this week.
It is said that Sheikh Jassim increased his bid in June, but even though it was significantly higher than the club’s $3.3 billion New York Stock Exchange valuation, the Glazers did not find it acceptable.
As protests against the Glazers continue, the parties cannot agree on the valuation, which leaves open the prospect that Sheikh Jassim will be drawn back into the drawn-out process.
After United lost four of their first eight Premier League games to start the season and sit 10th in the standings, resentment towards the ownership has simmered and grown.
In addition, Erik ten Hag’s team has dropped their first two 2023–24 Champions League group matches.
With Sheikh Jassim’s offer, United would have surpassed the deal to purchase Washington, an NFL franchise, to become the most expensive sports team in history by at least £200 million.
Commanders, but they still didn’t match the Glazers’ estimated £6 billion valuation of the team, which was released earlier this year.
To “make their position clear,” the Glazer family has been encouraged by the Manchester United Supporters’ Trust (MUST).
A statement from MUST following Sheikh Jassim’s withdrawal of his bid said, “We hope this news accelerates that process rather than delays it.” Nobody can be certain after these past 11 months.
