Man Utd takeover race 'won by Sheikh Jassim' as date set to complete £6bn deal
Sheikh Jassim has won the Manchester United takeover race and will complete the £6billion deal in October, according to reports.
British billionaire Sir Jim Ratcliffe has been in competition with the Qatari royal ever since the Glazer family announced it was open to selling the Old Trafford club, and Sheikh Jassim has now come out on top, report The Sun.
The Glazers were initially keen to retain holding shares at Man United but were warned by senior figures at the club of the potential for fan backlash, and have now agreed to hand over 100 per cent of the asset.
The takeover is expected to be finalised in mid-October while Sheikh Jassim and his team complete their due diligence, but an announcement could come as soon as next month, the paper adds.
The Glazers bought Man United for £790million back in 2005 and will make a huge profit on their original investment.
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Should everything go through as planned in October it will put to bed a year-long saga after the Glazers put the Old Trafford club on the market in November 2022.
A club statement at the time read: "Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company's Board of Directors is commencing a process to explore strategic alternatives for the club.
"The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
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"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.
"This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club's commercial operations on a global scale, each in the context of enhancing the long-term success of the club's men's, women's and academy teams, and bringing benefits to fans and other stakeholders."
Sheikh Jassim has huge plans for Man United, including investing in and upgrading the club's Old Trafford stadium and the Carrington training ground.
Cristiano Ronaldo infamously hit out at the way in which United had failed to move forward with the times under the Glazer's stewardship after mutually agreeing to leave the club.
"Nothing changed, surprisingly. Not only the pool, the jacuzzi, even the gym. Even the kitchen, the chefs, whom I appreciate – lovely people. They stopped in time. It surprised me a lot," Ronaldo said in an interview with Piers Morgan before his move to Saudi Arabia.
"I thought I would see other things, technologies, and infrastructure. Unfortunately, we see a lot of what I used to see at 21, 22, and 23 years old. It really surprised me. Since Ferguson left, I haven't seen an evolution at the club. Progress is zero. You have to tear it down and rebuild it. If they start with me, it's not a problem."
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