- Qatari consortium led by Sheikh Jassim Bin Hamad J.J. Al Thani has decided to withdraw its bid to purchase Manchester United. This move is seen as clearing the path for British billionaire Jim Ratcliffe to eventually take control of the renowned Premier League club. The Qataris had put forth an offer exceeding £5 billion ($6.1 billion) for the club, a significant sum compared to its current market value of $3.3 billion.
- The bidding process, which has lasted for nearly a year, encountered various challenges. These included offers falling short of the Glazer family's anticipated £6 billion valuation, internal disagreements among the owners regarding whether to sell and at what price, and concerns about potential legal disputes involving minority shareholders.
Why it matters
As per discussions currently underway, Ratcliffe could present an offer for some of the shares held by both the Glazers and minority investors in Manchester United. This arrangement may initially grant Ratcliffe approximately 25% ownership of Manchester United in a deal that could value the club at over £5 billion ($6.1 billion). Subsequently, Ratcliffe might gradually increase his ownership stake in the club at progressively higher valuations, according to one source.
