17 October 2023 , 15:05
390
0
Sheikh Jassim bin Hamad Al Thani has no plans to re-enter talks with the Glazers about buying Manchester United, with Sir Jim Ratcliffe now set to purchase a minority stake in the club.
Sheikh Jassim had been hoping to complete a full takeover at Old Trafford after the Glazers announced last November they would "consider all strategic alternatives, including new investment into the club, a sale, or other transactions".
The Qatari banker's final offer was worth around £5billion and he had pledged to clear United's debts and invest an additional £1bn in the transfer market, while also improving the club's facilities. In a statement released after his first bid, a spokesperson said: "The bid plans to return the club to its former glories both on and off the pitch and – above all – will seek to place the fans at the heart of Manchester United Football Club once more.
"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience, and communities the club supports. The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world."
However, he pulled out of the race on Saturday after failing to reach an agreement following another round of talks. Raine Group, the New York investment banking firm tasked with carrying out the process on behalf of the Glazers, were informed of his decision and journalist Fabrizio Romano reports that he has 'no current plans to change that'.
Marcel Sabitzer completes Man Utd transfer after last-minute deadline day dash
Sheikh Jassim's withdrawal paved the way for Ratcliffe to finalise a deal and he looks set to purchase 25 percent of the club for around £1.4bn, with United's board set to meet on Thursday to discuss his offer. The deal will see Ratcliffe take control of the sporting operation, with the INEOS chief looking to complete a major overhaul.
Sheikh Jassim's bid to buy Manchester United has proved unsuccessful (AFP via Getty Images)The 70-year-old has previously criticised the way the club has been run since the retirement of Sir Alex Ferguson. "INEOS never wants to be the dumb money in town, never, never," Ratcliffe told the Times in 2019.
"They haven't got the manager selection right, haven't bought well. They have been the dumb money, which you see with players like Fred. United have spent an immense amount since Ferguson left and has been poor, to put it mildly. Shockingly poor, to be honest.
"We have a different approach here (at Nice) to be moderately intelligent about it. Try to do it more grassroots, trying to locate young talent. United have done it really poorly. They have lost the plot there somehow."