SHEIKH JASSIM has withdrawn his bid to take over Manchester United.
Qatari politician Jassim, 64, was one of two candidates in the frame to buy the club from the Glazer family along with British billionaire Sir Jim Ratcliffe – who wants a 25 per cent stake in the club.
Sheikh Jassim is set to withdraw from the Manchester United takeover
AFPMan Utd’s owners, the Glazers, are incredibly unpopular at Old Trafford[/caption]
But now he has pulled out of the process as it continues to drag on.
It is claimed Jassim’s offer was “nearly double” the 3.2 billion dollar market valuation of the club.
Jassim is said to have “tried desperately to meet the Glazers’ outlandish valuation for over nine months”.
He also “believes he would have been the dream owner”.
The details of the proposed deal included:
A fully cash bidClearing all old debtWith zero new debtFor 100 per cent of the ClubWith hugely ambitious plans for the Club and communities projects across the city Reinvesting any profits back into the Club
The withdrawal occured in the last few days, with Jassim’s team declining to make an official comment.
All that has been said is that they have withdrawn from the process.
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Sir Jim Ratcliffe wants a 25 per cent stake in the clubReuters
It was previously reported that Jassim was standing firm on his £5bn valuation.
The Glazers are said to value the club at £6bn.
But the Qatari investor was not willing to budge due to numerous factors.
These included Man Utd’s poor start to the season – which has seen them lose six games out of 11 in all competitions.
Another concerning part of the club is the £1bn debt.
And there are also serious renovations needed to both Old Trafford and the Carrington training ground.
If Ratcliffe‘s proposal is accepted, it means the Glazers will remain in control of the club.
This will be unpopular with many fans and ex-players who have loudly protested the Glazers‘ presence.
However, it could raise extra capital for transfers or for improvements to be made to a decaying Old Trafford.