Bendelnews has been informed by sources close to the deal that Qatari investor Jassim bin Hamad Al Thani has abandoned his offer to purchase Manchester United Football Club from its present owners, the Glazer family.Read full article
The American owners and Jassim, the chairman of a Qatari bank and the son of a former Qatari prime minister, had talks over the previous several days, but they were unable to agree on a price for the UK-based club.
Sheikh Jassim had proposed paying nearly twice the current valuation of the club, which is estimated at $3.3 billion, in exchange for full ownership. Additionally, he committed to an initial investment exceeding $1.7 billion for player transfers, club infrastructure, and community initiatives. However, he has now conveyed to the Glazer family that he will not meet their perceived "excessive valuation."
The Glazers initiated a search for alternative ownership options in November, following nearly 18 years of their control. Initially, British billionaire Sir Jim Ratcliffe bid for a 69 percent stake in the club, matching the Glazers' ownership portion.
While Ratcliffe's offer might place a higher value on the club compared to Jassim's, he subsequently adjusted his proposal to seek a 25 percent ownership, which would still retain some Glazers' involvement at Manchester United. This alteration may not be welcomed by fans who have long been critical of the family's ownership.
The Glazer family's association with Manchester United began in 2003 when Malcolm Glazer acquired a 2.9 percent stake. Two years later, the family assumed ownership through a leveraged buyout, paying £790 million ($958 million) using borrowed funds secured against the club's assets.
Fans were outraged by the sale right once and blasted the new owners for piling up so much debt on the club, which was at the time extremely lucrative.
Ahmed Bilal, the editor of the football blog Man Utd News, told Al Jazeera when the plans for a prospective sale were first revealed last year: "It is an understatement to suggest that fans will be thrilled [if the club is sold] - the scorn for the Glazers runs deep.
