- The team involved in Sheikh Jassim’s doomed offer is furious
- United told shareholders that the Qatari group did not meet the valuation set by the Glazers
- Sir Jim Ratcliffe should target Thomas Tuchel, he has unfinished business It all starts
Those behind the Qatar-based bid for Manchester United say they DID meet the asking price AND provide proof of financing.
Mail Sport understands the team involved in Sheikh Jassim bin Hamad al-Thani’s doomed bid has become furious after United claimed to shareholders that their group had failed to meet the Glazers’ owners’ valuation and had shown no evidence about where the funding came from. originating from.
They can now seek a corrective statement from the U.S. Securities and Exchange Commission (SEC), where United made the claims on Wednesday.
In a number of documents to shareholders, United disclosed that Qatar’s bid fell short of an asking price of around £4.5 billion, excluding existing debt, for the club and said no evidence of financing had been provided despite repeated requests.
However, sources close to the fruitless bid are convinced that they offered around £4.5 billion – slightly less than Ratcliffe’s accepted offer, but with all debts paid off – and that they provided evidence of financing throughout.
The team involved in Sheikh Jassim’s doomed bid have been left furious by United’s claims
The Qatari consortium made five bids to take control of the club before withdrawing from the process on October 15 last year
The Glazer family launched a strategic review of United in November 2022, inviting interested parties to submit their bids
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Discussions have taken place about a response – and the prospect of asking the SEC to issue a corrective statement.
United declined to comment but are believed to have confidence in the details published in the documents.
But those involved in the ultimately failed bid, which sought a full takeover, are outraged by what they believe are cleverly worded statements that, when added together, create a misleading narrative.
United’s filing stated that “Bidder A” repeatedly failed to submit “customary financing commitment letters.”
However, insiders have contradicted this, saying that among the various financial information handed over by Sheikh Jassim’s team was a separate bank guarantee from the CEO of Qatar National Bank, considered the largest financial institution in the Middle East and Africa.
They are also frustrated that, despite newspapers reporting on the planned £237m investment from Sir Jim Ratcliffe’s group, which eventually struck a deal to buy around 25 per cent of the club, shareholders are not aware of the be informed of Sheikh Jassim’s pledge for an immediate infrastructure injection of around £1 billion ($1.3 billion).
In October, the Sheikh Jassim group withdrew from the trial, leaving Ratcliffe as the only serious contender.
According to the documents, a final offer of around £4 billion from the Qatari camp was rejected, but those involved insist this is inaccurate and the final figure was much higher.
Sir Jim Ratcliffe completed a £1.3 billion deal for a 29 percent stake in the club on December 24
Despite the deep feelings, it is believed that the most likely outcome is that the group will move on, hurt by the experience and left deeply skeptical as to whether the club’s owners, the Glazer family, ever had any intention of selling to them .
They also believe that the deal could face problems given the way Ratcliffe’s control over sporting matters at United combines with his ownership of Nice under UEFA rules on multi-club ownership, although the situation with United is somehow method of European qualification is currently unnecessary.