Sheikh Jassim seeks legal advice after failed £4.5bn Man Utd takeover bid

26 January 2024 , 09:15

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Sheikh Jassim seeks legal advice after failed £4.5bn Man Utd takeover bid

Sheikh Jassim Bin Hamad Al Thani is taking legal advice in America having been accused of not providing proof of funds when he attempted to buy Manchester United.

The Qatari banker emerged as a frontrunner in the race but was eventually beaten by Sir Jim Ratcliffe, who offered a far lower sum to buy a minority share in the Premier League club. Jassim's £4.5billion debt-free bid included a guarantee signed by the chief executive of Qatar National Bank - the largest financial institution in the Middle East and Africa.

Jassim maintains that his bid was legitimate and any deal failed to go through because he chose not to overpay what he believed the club to be worth as the Glazers attempted to maximise their profits.

The Qataris are now taking legal advice as they consider asking US Securities and Exchange Commission to put out a statement that they believe would allow them to set the record straight and dismiss any speculation that has been swirling, reports Sky Sports.

Jassim's bid team are stunned and bemused that United told shareholders in the US on Wednesday that they were unable to provide proof of funds after they talked up a majority takeover, that would've also seen them pay off the club's hefty debts.

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The Qataris have also highlighted how the Glazers continued to negotiate with them, a period which spanned nearly a year, and would never have done so without knowing they had the funds to pursue such a deal. As a result, they're concerned that a false impression has been made and doesn't adequately reflect their ambitions after they made several genuine bids which they say they had the finances to back up.

Sheikh Jassim Bin Hamad Al Thani believes a false impression has been created about his takeover attempt

Jassim is understood to have built up huge costs, going into the millions of dollars, running his bid team of lawyers, bankers and advisers. His ambition though was never to be minority shareholder, holding the view that he wouldn't be able to change the club's fortunes.

Ratcliffe has since come on board and taken control of United's footballing operations, bringing with him several of his trusted lieutenants who've helped his Ineos brand. Changes are expected at Old Trafford with the British billionaire has already made his presence known off the pitch.

Doubt remains over the Glazers' long-term plans with reports suggesting they could yet force Ratcliffe to sell back his shares at the club. Alternatively, there is a school of thought that suggests some of the family want out, with Ratcliffe potentially a future majority owner.

Samuel Meade