Qatar retracted its offer to acquire Manchester United in its entirety, despite an increment in the proposal last June, which superseded the football club’s $3.3 billion valuation on the New York Stock Exchange (NYSE).
Although the offer was reportedly more than £5 billion, the Glazers, who have held ownership of the club since 2005, found it to be insufficient. Consequently, Sheikh Jassim has opted to withdraw from the ongoing acquisition proceedings.
Meanwhile, Sir Jim Ratcliffe, a petrochemical billionaire and a self-proclaimed fan of Manchester United since his youth, is reportedly on the brink of finalizing a deal to purchase approximately a 25% share of the club.
According to information obtained by Sky News last month, Sir Jim’s Ineos Sports vehicle has suggested a deal to the Glazer family, which oversees the club, to acquire portions of both their own shares and those traded publicly on the NYSE in equal measure. The proposition implies that the offer would stand at an identical price for both share categories.
Sheikh Jassim had sought to attain full ownership of the club and, in June, presented what his representatives delineated as a fifth and conclusive bid, attempting to secure the transaction. His initial bid had been proposed in February.
Notably, the potential for withdrawal by Sheikh Jassim’s bidding team was considered in May, given the stagnation since placing what was purportedly the final offer demanded by the Glazers in April.
While the deviation between the involved parties chiefly pertains to the club’s valuation, there remains a chance that Sheikh Jassim may be persuaded to re-enter the extended negotiations, particularly as demonstrations against the Glazers persist.
