Sheikh Jassim submits extraordinary “take it or leave it” offer as the tug of war on Manchester United’s ownership takes yet another crucial turn
Late bid sends fans into chaos.
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Sheikh Jassim Bin Hamad Al Thani smiles for the cameras. (Credits: Business Insider.)
The Qatari tycoon who wishes to buy Manchester United has made a last-minute “take it or leave it” bid for the club. According to reports, Sheikh Jassim Bin Hamad Al Thani has submitted a final, improved bid to see off competition from rival Sir Jim Ratcliffe.
Well-wishers of United had hoped for the selection of a preferred bidder last week, in order to pursue the club’s transfer targets effectively. However, talks have been ongoing, and Sheikh Jassim made another effort earlier today in a last-ditch attempt to grab ownership of the club.
There have already been three phases of bidding, with the final bid deadline set last month. Sheikh Jassim reportedly intends to settle the lengthy saga by completing a deal for total control of the Premier League heavyweights. Regardless, Ratcliffe, the British petrochemicals millionaire, appears to be in a stronger position. While his offer did not include a 100 percent stake in the club, it valued United higher than the Qatari.
Ratcliffe has also offered executive co-chairmen Joel and Avram Glazer the option of remaining with a minority stake for two or four years before quitting altogether. Sources say this possibility appealed to the brothers, who are understood to want to stay in some position at Old Trafford until finally cashing out.
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What are the two offers to buy Manchester United really like?
Observers consider Sheikh Jassim’s offer significantly better than his first, but it still undervalues United compared to Ratcliffe. However, his bid is for complete control, with the entire payment to be made now. It would immediately eliminate the club’s debt, estimated to be over £536 million. The offer also includes the promise of substantial investment in both the football team and the renovation or rebuilding of Old Trafford.
Ratcliffe, on the other hand, has two proposals for the Glazers. He offered to purchase 69 percent of the club, or little more than half of United, with Avram and Joel owning roughly 25 percent. The second proposal would see the petrochemical magnate from Oldham pay about £2.5 billion. According to sources, he aims for a phased takeover that values the club at around £6 billion. The reaction of Ratcliffe’s Ineos Group to the latest news is still unknown.
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Anany Kapoor
(105 Articles Published)