“Qatari Banker Sheikh Jassim Al Thani Ends Pursuit of Manchester United”
In recent developments, Qatari banker Sheikh Jassim Bin Hamad Al Thani has decided to no longer pursue the acquisition of the English Premier League club, Manchester United.
This decision comes after Manchester United’s official announcement regarding their exploration of growth-enhancing options, including a potential full sale.
“Previous Contenders and the Halt in the Sale Process”
Sheikh Jassim and British billionaire Jim Ratcliffe were prominent contenders in multiple rounds of bidding earlier this year
. Despite the expressed dissatisfaction of Manchester United supporters with the current owners, the Glazer family, the sale process has recently hit a standstill.
As reported by BBC, Sheikh Jassim Al Thani has opted to withdraw his interest in the acquisition.
“Debts and Record-Breaking Sale Fee”
Notably, the Glazers, who have owned Manchester United since a leveraged takeover in 2005, are burdened with substantial debts amounting to £970 million.
Reports suggest that they are holding out for a record-breaking fee exceeding £6 billion for the sale of the football club.
Sheikh Jassim’s bid had aimed to secure full control of Manchester United while offering to address the club’s debt issues.
In contrast, Jim Ratcliffe is reportedly open to acquiring a smaller stake in an effort to resolve the ownership deadlock.
“Performance and Current Position”
Under the leadership of the Glazers, Manchester United’s on-field performance has faced challenges.
The club has not clinched a Premier League title since the retirement of former manager Sir Alex Ferguson in 2013, and their most recent Champions League victory dates back to 2008.
Presently, Manchester United finds itself in the 10th position in the Premier League and has experienced defeats in their first two group stage matches of the Champions League, marking a historic setback for the club.