Qatari Businessman Withdraws Bid to Purchase Manchester United Football Club

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Sheikh Jassim’s Ambitious Offer Unmet, Glazer Ownership Continues

Qatar’s prominent businessman, Jassim bin Hamad Al Thani, has officially withdrawn his bid to acquire the Manchester United Football Club from its current owners, the Glazer family, according to sources closely associated with the bid who have confirmed the development to Al Jazeera.

In recent days, Sheikh Jassim, the chairman of a Qatari bank and the son of a former Qatari prime minister, engaged in discussions with the American owners. However, both sides were unable to reach an agreement on the valuation of the UK-based club.

Sheikh Jassim had demonstrated a strong interest in acquiring a 100 percent stake in Manchester United and was prepared to offer “almost double” the current club valuation, which some reports estimate to be at $3.3 billion. His ambitious bid also included a commitment of an initial investment exceeding $1.7 billion, earmarked for player transfers, facility improvements, and community projects.

Regrettably, he has conveyed to the Glazer family his decision not to proceed with the purchase, characterizing their valuation as “outlandish” according to sources affiliated with his bid.

The Glazers initiated the process of “exploring strategic alternatives” to their ownership in November last year after nearly 18 years of ownership, marking a significant development for the iconic football club.

British billionaire Sir Jim Ratcliffe, founder and chairman of the INEOS chemicals conglomerate, had submitted a bid seeking 69 percent ownership of the club, mirroring the same percentage held by the Glazers. Ratcliffe’s bid, while potentially valuing the club at a higher price than Sheikh Jassim’s, involved a minority stake in the club.

Very sad day for Manchester United football club. The Glazers stay on & Sir Jim Ratcliffe joins them. #MUFC pic.twitter.com/jI3V38NLUj

— United Update (@UnitedsUpdate) October 14, 2023

However, he has since revised his proposal, now offering to purchase 25 percent of the club, which would allow one or more of the Glazers to retain their ownership. This revised bid may not align with the sentiments of many fans who have long voiced their opposition to the Florida-based family’s ownership of the club.

The Glazer family’s association with Manchester United commenced in 2003 when the late real estate mogul Malcolm Glazer acquired a 2.9 percent stake in the club. Two years later, the family assumed full ownership through a leveraged buyout, paying 790 million British pounds ($958 million), where borrowed funds were secured against the club’s assets. This acquisition triggered widespread discontent among fans, who criticized the new owners for encumbering the previously prosperous club with substantial debt.

Commenting on the potential sale when it was first announced last year, Ahmed Bilal, the editor of the football blog Man Utd News, remarked, “It is an understatement to say that fans will be happy [if the club is sold] – the contempt for the Glazers runs deep.”