In a light-hearted turn of events, Sir Jim Ratcliffe, the billionaire behind Ineos, has playfully expressed uncertainty about the existence of his Manchester United takeover rival, Sheikh Jassim.
Following the official confirmation of Ratcliffe’s purchase of a 27.7% stake in the iconic football club, the Ineos tycoon humorously remarked that he is “not sure” Sheikh Jassim even exists.
Qatari Rival Sheikh Jassim’s Bid and Withdrawal
Ratcliffe’s humorous comments come after he successfully outbid Qatari businessman Sheikh Jassim, who had aspirations for a full takeover of Manchester United.
Sheikh Jassim had submitted an offer, estimated at around £5.5 billion, to acquire complete ownership of the club.
However, his bid fell short of the Glazer family’s desired £6 billion valuation, leading to his withdrawal from the takeover process in October.
Sheikh Jassim’s Belief in Being the ‘Dream Owner’
According to insiders familiar with the situation, Sheikh Jassim believed he could be the ‘dream owner’ for Manchester United.
His bid, characterized by a £5.5 billion offer, faced rejection after a prolonged nine-month saga.
The Qatari businessman reportedly expressed sadness over the unfolding of events.
Questions Surrounding Sheikh Jassim’s Funding and Proposal
Sheikh Jassim’s proposal included a pledge to invest approximately £1 billion in redeveloping Old Trafford or constructing a new stadium.
However, concerns were raised regarding the feasibility of Sheikh Jassim, the chairman of the Qatar Islamic Bank, securing the necessary funding for the ambitious deal.
SEC Filing Reveals Funding Questions and Ratcliffe’s Opportunity
A recent filing on the US Securities and Exchange Commission (SEC) revealed that Sheikh Jassim failed to substantiate his ability to fund the bid for Manchester United.
This development opened the door for Sir Jim Ratcliffe to finalize his deal for a 27.7% stake in the club on Christmas Eve.
Ratcliffe’s Official Control, Owners’ Test, and Future Options
With Ratcliffe passing the Owners’ and Directors’ Test and officially taking control of football operations, he now holds the option to purchase more Class B shares from the Glazers, should they choose to sell additional stakes in the club.
The Premier League board reviewed and approved Ratcliffe’s ownership after his lifelong dedication to Manchester United.
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