Man United takeover: Sheikh Jassim submits final ‘take it or leave it’ offer
Sheikh Jassim submits FINAL ‘take it or leave’ bid for Man United…with the Qatari billionaire hoping to fend off competition from rival Sir Jim Ratcliffe with an extraordinary 11th-hour bid
- Sheikh Jassim hopes for a 100th takeover of the club from the Glazer family
- The Qatari billionaire still values United lower than rival Sir Jim Ratcliffe
- It was hoped that a preferred bidder would be chosen for the club last week
The Qatari billionaire who wants to buy Manchester United has made an extraordinary 11-hour ‘take it or leave it’ bid for the club.
Mail Sport understands that in a seismic development, Sheikh Jassim Bin Hamad Al Thani has made a final, enhanced bid in a bid to fend off competition from rival Sir Jim Ratcliffe and secure a deal for full ownership of the Premier League- giants to end a long-standing saga.
There have already been three rounds of bidding with a deadline for final bids set last month.
It seemed that British petrochemical billionaire Ratcliffe was in a stronger position. Although his offer was not 100 per cent of the club’s shares, it valued United higher than the Qatari.
Ratcliffe has also offered executive co-chairs Joel and Avram Glazer the option to stay with a partial interest for two or four years before eventually leaving. That prospect was seen as desirable for the brothers, who are believed to be keen to stay at Old Trafford in some capacity before finally cashing out.
Qatari sheikh Jassim has made a final bid for Man United as he attempts to take full control
Sheikh Jassim wants to buy 100 percent of United and take over the club completely from the Glazer family
It looked like Ineos boss Sir Jim Ratcliffe was in a stronger position in the protracted battle
It was hoped that a preferred bidder would be chosen last week as the clock ticks towards the opening of the transfer window and United’s squad needs reinforcements. But talks are ongoing and earlier in the day Sheikh Jassim took another step in a last-ditch effort to seize control of the club.
The Qatari’s bid is believed to have improved significantly from his first, although United are still believed to be valued at a lower price than Ratcliffe. However, Sheikh Jassim’s bid is for total control with the fee now due. It would immediately clear the club’s debt, which stood at around £536 million at last count. The bid also includes the promise of significant investment in both the playing squad and the upgrade or rebuilding of Old Trafford.
The process is overseen by Raine Group, the New York-based investment bankers who led Chelsea’s sale last year.
It remains to be seen whether Ratcliffe’s Ineos Group will respond to the latest development. Discussions with all parties are continuing. Should Ratcliffe succeed, one of his proposals is to take a 50 per cent share, leading to a gradual takeover that would value the club at around £6bn.
