Sheikh Jassim has made five bids to buy Man Utd, making his final offer to buy 100 per cent of the club in a debt-free deal on June 7; sources close to the Qatari bid believe the process has stalled amid concerns the Glazer family are not sure they want to sell
Thursday 24 August 2023 07:17, UK
Sheikh Jassim still wants to buy Manchester United and his £5bn offer for the club remains on the table.
But sources close to the Qatari bid believe the process has stalled amid concerns the Glazer family are not sure they want to sell.
Sheikh Jassim has made five bids to buy United, making his final offer to buy 100 per cent of the club in a debt-free deal 11 weeks ago on June 7.
British billionaire Jim Ratcliffe has made rival bids to buy 69 per cent of the club owned by the Glazer family in a phased takeover.
Sheikh Jassim's bid team are aware of reports he is close to buying Manchester United, but as far as he is concerned the situation has not changed.
Sheikh Jassim is not going away but ultimately it is up to the Glazers to decide if they actually want to sell the club.
The longer the process drags on the more it costs the bidders as they all have to pay bankers, advisers and lawyers. However, the bidders are ready to move quickly if the Glazers decide to sell.
As far as transfers are concerned, the Qatari bid has never identified any targets or talked about potential signings because their focus has been solely on buying United.
However, the window would have been different for United if the club had been sold and still can be in the future.
Sheikh Jassim remains committed to wiping out United's debts, investing in infrastructure, the men's and women's team and the academy.
Senior figures in the football department at United are in the dark about what is happening with the takeover.
They would welcome a conclusion to the process as soon as possible and the Qatari bid has support within the club.
The Glazers announced in November last year they were considering selling the club.
In a statement, United said their owners would look at options to bring in new investment including "a sale or other transactions involving the company".
The Glazers bought United in a controversial £790m leveraged buyout in 2005, which involved borrowing more than £500m and loading their debt on to the club.
Servicing that debt has cost United more than £1bn, while United's latest accounts revealed the club's debt stands at £725m.
Sir Jim and Sheikh Jassim publicly confirmed initial offers in February. The third and final round of bidding concluded on April 28 but, with reports claiming a revised offer from Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim moved again.
INEOS values United at a higher price but their bid is not for the whole club and would give the Glazers the opportunity to keep a 20 per cent stake.
Sky Sports News' chief reporter Kaveh Solhekol:
"A significant number of people involved in the process believe the Glazer family are not all committed to selling the club. Different members of the Glazer family own United and they are not all on the same page.
"There have been reports that the Qataris are close to buying Manchester United, they would be delighted if that was the case. But I think, as far as they are concerned, nothing has changed. They are willing buyers but they are not convinced that the Glazers are willing sellers - and to do a deal, you have to have a buyer and a seller.
"The price has to be right for the Glazers to sell and it is generally accepted that they want at least £6 billion. The bidders are willing to overpay to buy a trophy asset like United but they are not going to be taken for fools when it comes to valuation.
"From the Glazers point of view, they will also be considering the school of thought in US banking circles at the moment that English clubs are undervalued and now is the time to buy, not the time to sell.
"Sir Jim Ratcliffe has made multiple bids but he only wants the 69 per cent of the club that is owned by the Glazer family - and that bid is a phased takeover. A deal on those terms would be complicated because others who hold the rest of the shares which are listed on the New York Stock Exchange would potentially be frozen out of a sale.
"You have to remember the Glazers have never come out and said that they want to sell Manchester United. Back in November, they said they wanted to bring in new investment which could potentially lead to a sale. So, they have been considering a sale, that is not quite the same as saying definitively that they want out. For example, they still have the option of selling a minority stake to raise the capital they need to rebuild Old Trafford.
"A lot of Manchester United fans want the takeover situation sorted out as quickly as possible. They feel this has dragged on too long. People thought it was going to be done before the transfer window opened, people thought it was going to be done before the season started.
"United fans are disappointed and some are angry that it has taken so long. At the end of the day though, the club belongs to the Glazers and ultimately they can do what they want."
