Sheikh Jassim Bin Hamad Al Thani — who was bidding to acquire the Manchester United football club since last year — decided to pull out from the process after reports of “outlandish and fanciful valuation”.
The worth of Manchester United is about $3.2bn, with Qatar’s Sheikh Jassim’s offer nearly double that amount.
After talks, the owners stated their excessive price and Sheikh Jassim pulled out of the bidding, according to media reports, quoting a source close to the Qatari billionaire.
The Qatari and British billionaire Jim Ratcliffe were the top bidders to acquire the United after a number of bids in 2022.
About a year ago, the English club announced that it was looking for “strategic alternatives to enhance the club’s growth, with a sale one of the options”.
There have been intermittent protests against the Glazer family’s ownership of the English football club by the United’s fans, forcing them to sell the stakes.
The Qatari also pledged a further $1.7bn to finance transfers, intentions for a new stadium and training centre facilities.
Currently, he has stopped his bid until the owners improvise their asking price which could reinvigo-rate his interest.
In August, the fans of the Red Devils were infuri-ated after the Glazers — who have owned the club since 2005 — refused to take the offer in excess of £5bn from these two parties.
The Americans owned the football giants since a leveraged takeover in 2005 for £790 million ($961 million) saddled the club with huge debts.
Figures in March showed United’s debts have grown to £970 million. However, the Glazers are believed to be holding out for a world record fee for a football club in excess of £6 billion.
Sheikh Jassim’s bid was for full control of United and promised to clear all the debt held by the Red Devils.
By contrast, Ratcliffe is reportedly willing to buy a smaller stake to break the impasse ownership of the 20-time English champions.
The Red Devils’ fortunes on the field have also faded under the Glazer’s tenure.
United have not won the Premier League since former manager Alex Ferguson retired in 2013 and last won the Champions League in 2008.
They currently sit 10th in the Premier League and have lost their first two Champions League group stage matches for the first time in the club’s history. Now the British billionaire is in the race whose offer went down to 25% from 51%.—AFP
