Izuchukwu Okosi
Manchester United owners, the Glazer family has been dealt a huge blow in their bid to sell the club to the highest bidder following the news that broke Saturday evening that Qatari banker, Sheikh Jassim bin Hamad Al Thani has withdrawn from the process to buy the club.
Sheikh Jassim had bid £5bn for the club but further talks this week have reportedly broken down.
The Glazer family, who bought United for £790m in 2005, announced in November 2022 they were considering selling.
British businessman Sir Jim Ratcliffe’s Ineos Group was the other main bidder and now expects to conclude a deal for a minority stake at the club thought to be 25%.
According to numerous reports in the British media, Ratcliffe was considering whether to offer to buy a minority stake in the club in an effort to break the impasse over the ownership situation.
The BBC has now reported that latest developments has pushed Sheikh Jassim to reconsider his interest at the club.
Sheikh Jassim’s camp have always maintained he was only interested in buying the club outright.
United supporters have held demonstrations against the Glazer family inside and outside Old Trafford.
The club are 10th in the Premier League having lost four of their opening eight matches, and were beaten in their first two Champions League games.
It is understood that Sheikh Jassim’s bid would have been a fully cash offer and would have cleared all old debt.
There would also have been more than £1.4bn to finance new stadium plans, new training centre facilities, buy players and also for community regeneration projects.
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