Sheikh Jassim withdraws from Manchester United takeover process
Sheikh Jassim has withdrawn from the process to buy Manchester United, the PA news agency understands. Fans have protested against the Glazer family since their controversial leveraged takeover in 2005 and last November’s announcement of a strategic review brought hope of change. The possibility of a full sale was mentioned and Sheikh Jassim became the first bidder to publicly confirm he had made an offer for the Old Trafford giants. Sir Jim Ratcliffe swiftly followed but the interminable potential takeover process has rumbled on as the demanding Glazer family dragged their heels. It is now understood that, following further discussions, a frustrated Sheikh Jassim has withdrawn from the process to buy the Premier League club. The Qatari banker informed the United owners of his decision in the last few days. Sheikh Jassim’s team announced in February that he had submitted a bid to buy 100 per cent of the club, promising a completely debt-free takeover via his Nine Two Foundation. The bid is understood to have eventually reached around double the current 3.2billion dollars (£2.6bn) market valuation of the Premier League club. An additional 1.7bn dollars (£1.4bn) is believed to have been pledged for infrastructure projects. Earlier this month it was reported that rival bidder Ratcliffe was considering changing his offer and buying a minority stake in United. It was reported he may seek a stake in the region of 25 per cent as part of a proposal to try to bring the drawn-out sale process to an end, having initially wanted to complete a majority takeover. If the Glazers accepted this new reported offer, it would see the American family still retain majority control of the club. United sit 10th in the Premier League after a difficult start to the season for Erik ten Hag’s team. Read More Emiliano Boffelli stars as Argentina send Wales home from World Cup Joe Root dismisses ODI retirement talk with next Cricket World Cup in his plans Michael O’Neill hails Paul Smyth impact on first Northern Ireland start
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Manchester United considering giving bid exclusivity to Sheikh Jassim – Report
Sources close to Sheikh Jassim have declined to comment on a report that Manchester United are considering granting exclusivity to the Qatari in the race to buy the club. Sheikh Jassim made a fifth and final bid for the club last week and it is being reported that his offer is viewed more favourably by the club’s owners, the Glazer family, than a rival bid from Ineos founder Sir Jim Ratcliffe. However, the Sheikh’s team indicated nothing had changed from earlier in the week when a report from Qatar suggesting Sheikh Jassim had won the race to buy United was described as “pure speculation” by one source. The report on Thursday suggested that, if exclusivity was granted to Sheikh Jassim by the club, it would shut out the Ratcliffe bid for as long as the exclusivity period lasted. Sheikh Jassim’s bid has always been to buy 100 per cent of the club. It has been reported that Ratcliffe was offering to buy 60 per cent, allowing Avram and Joel Glazer to retain a combined 20 per cent, but the Ratcliffe camp has declined to comment on that point. Trading in Manchester United shares on the New York Stock Exchange was temporarily paused due to “volatility,” though shares resumed trading shortly afterwards, and were up 12 per cent on the day. A new company, Nine Two UK Holdings Limited, was also incorporated in the UK on Thursday as part of Sheikh Jassim’s preparations should his bid be successful. The PA news agency understands the paperwork was submitted months ago, with sources insisting the incorporation was simply part of getting things in order rather than an indication Sheikh Jassim’s offer had been accepted. The documents published on the Companies House website list Sheikh Jassim as an individual person with significant control of the company. He is listed as one of two directors, alongside Abdulrahman Abdulla Al Ansari. Al Ansari is also on the board of the Qatar Chamber, which describes itself as a non-profit public organisation whose mission is to represent, support and protect the interests of the business community in Qatar. Companies House says all shares in the new UK company are owned by Nine Two Holdings LLC, which was registered in Qatar in April. The listing confirms Sheikh Jassim was born in April 1982, making him 41 years old. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live
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