16 May 2023 , 19:52
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Sheikh Jassim bin Hamad Al Thani has launched an eleventh-hour ‘take it or leave’ bid to buy Manchester United.
The Qatari banker has long been in the race to acquire the Premier League giants from the Glazer family, and has submitted multiple bids. Sheikh Jassim, along with INEOS chief Sir Jim Ratcliffe, have now been through THREE rounds of bidding, with a final deadline set for the end of last month.
It was understood that Ratcliffe was set to be named the preferred bidder by The Raine Group - the US Merchant overseeing the mammoth transaction. But before that update is confirmed, report Sheikh Jassim has launched one final counter offer.
Sheikh Jassim is said to have made another attempt to buy 100 per cent of the club in a deal which would instantly wipe United’s costly debts. That’s in comparison to his closest rival, who is aiming to acquire around 50 per cent, a deal which would allow Joel and Avram Glazer to remain at the club in the short term.
And although the bid from Qatar is of a higher monetary value, it is believed Ratcliffe’s represents a bigger total valuation of the club. The boyhood United fan plans to purchase a majority stake, with a clause in place to facilitate a complete takeover some way down the line.
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That wouldn't necessarily be the most popular move amongst a fanbase desperate to see ownership changes after almost two decades of mismanagement. Sheikh Jassim on the other hand would instantly become the sole owner, with a commitment to invest in the playing staff and the infrastructure - including significant upgrades to their dilapidated Old Trafford stadium.
Jim Ratcliffe's bid would likely see the Glazers remain at Man Utd in the short term (AFP via Getty Images)"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," a statement released after Sheikh Jassim's first bid read.
"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. More details of the bid will be released, when appropriate, if and when the bid process develops."
Avram Glazer pictured at Claridges, a hotel which is owned by Sheikh Jassim's fatherUnited co-owner Avram Glazer was spotted outside Claridge's Hotel on Monday, an establishment owned by the Sheikh's father. Avram had been in London to watch United's Women's team in the FA Cup final at Wembley.
United boss Erik ten Hag is eager for a deal to be ratified as soon as possible, with the summer transfer window now just a matter of weeks away. The Dutchman has enjoyed a fine first season in charge, but needs to be backed in the market in order to close the gap on the elite both at home and abroad.
Ten Hag recently insisted that players have significantly less reservations about joining the club, following a stabilising period on the pitch. However, without more clarity behind the scenes, his ambitious plans could be put on hold.