Introduction
Qatar’s Sheikh Jassim bin Hamad Al Thani has decided to withdraw his offer to purchase Manchester United, according to a source familiar with the situation. This development comes almost a year after the storied soccer club was put up for sale. Sheikh Jassim, alongside British billionaire Jim Ratcliffe, was among the only two bidders who publicly expressed interest in acquiring the club from the Glazer family, the current owners.
Sheikh Jassim's Withdrawal
Despite submitting a final bid that was nearly double the current market value of Manchester United, Sheikh Jassim has informed the Glazers that he is no longer interested in proceeding with the purchase. Ratcliffe's offer, however, remains intact, with reports suggesting that he may be willing to settle for a minority stake in the club. At this time, there have been no official comments from Manchester United or the merchant bank Raine, which is facilitating the sale process.
Fan Frustrations
Sheikh Jassim's decision comes amidst growing frustration among Manchester United supporters regarding the prolonged sale process. Fans have organized protests outside Old Trafford stadium demanding that the American owners, the Glazers, sell the club. Chants of "Glazers out" have become common during games, reflecting the fans' desire for new investment and majority ownership. The Manchester United Supporters Trust expressed its hopes that this recent development will prompt a faster resolution rather than causing further delays. The Glazers are urged to clarify their position.
Seeking New Investment
In November, the Glazers announced their intention to secure new investment for Manchester United and appointed Raine to oversee the process, including the possibility of a full sale. Raine has previously handled the sale of Chelsea to Todd Boehly and Clearlake Capital. While it was initially anticipated that a buyer would be confirmed before the transfer window, there is currently no indication of an imminent deal being reached.
Sheikh Jassim Withdraws Bid for Majority Ownership of Manchester United
Sheikh Jassim, chairman of Qatar Islamic Bank and son of a former Qatari prime minister, has chosen to withdraw his bid for 100% ownership of Manchester United, much to the disappointment of eager fans who hoped this would spell the end of the Glazers' reign.
In addition to taking full ownership, Sheikh Jassim had promised to eliminate the club's debt and make significant investments in the stadium, training center, and playing squads, with the aim of restoring Manchester United to its former glory.
While concerns had been raised about Qatar's human rights record and the possibility of United being used as a form of "sportswashing," fans were eager for their club to compete with the extravagant spending power of Abu Dhabi-backed Manchester City, who managed to secure a treble of trophies last season.
The decision by Sheikh Jassim follows recent discussions aimed at reaching an agreement on the selling price. As a result, British billionaire Sir Jim Ratcliffe now appears to be in the lead for the takeover, although it remains unclear what percentage of the club he plans to purchase.
Sir Jim Ratcliffe, owner of petrochemicals giant INEOS and a proud Manchester United fan, had initially bid for approximately 69% of the Glazers' stake. However, reports later suggested that the current owners might retain some of their shares as part of the deal. Recent rumors now indicate that Ratcliffe may be willing to settle for a minority stake, which would allow the Glazers to retain control.
Born in Failsworth, Greater Manchester, Ratcliffe has long been a supporter of Manchester United. Fans have eagerly awaited his bid for the club, although any deal that allows the Glazers to maintain a majority ownership would not be well-received.
Supporters of Manchester United have consistently campaigned against the Glazers, who also own the NFL's Tampa Bay Buccaneers. The late tycoon Malcolm Glazer controversially purchased the club in 2005 for £790 million ($1.4 billion at the time), leading to significant backlash from fans.
Currently, Manchester United sits in 10th place in the Premier League after a challenging start to the season under manager Erik ten Hag.
