Offer withdrawn: Qatar Sheikh no longer wants Manchester United

Offer withdrawn
Qatar Sheikh no longer wants Manchester United

The bidding war for Manchester United is over for now: Qatari Sheikh Jassim bin Hamad Al Thani is apparently out of the running. The remaining interested party would also be satisfied with a minority stake in the traditional club.

England’s football record champions Manchester United will probably not be sold to a consortium from Qatar. As the BBC reports, Sheikh Jassim Bin Hamad Al Thani is said to have withdrawn his billion-dollar offer for the Red Devils. The sales process had stalled significantly in recent months.

Jassim bin Hamad Al Thani was one of only two bidders who publicly declared their intention to take over. The other is British billionaire Jim Ratcliffe and his Ineos group. Manchester United is currently owned by the US Glazer family, but the sum offered, supposedly over six billion pounds, was apparently too low for them. The club’s market value is currently stated at $3.2 billion.

The Qatar consortium headed by Sheikh Jassim had announced that it would pay off the club’s debts of £970 million. But in return it wanted to maintain complete control over the record champions. The British entrepreneur Ratcliffe, on the other hand, is said to be willing to accept a minority stake. According to Skysports, he should take over 25 percent of the traditional club if an agreement is reached with the Glazer family.

Manchester United has won the English championship title 20 times, more than any other club – although the last time was ten years ago. Thanks to its huge fan base, the club is considered one of the most valuable football brands in the world. The Glazers acquired the club in 2005 for £790 million. The club has been listed on the New York Stock Exchange since 2012.

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