Qatar’s Sheikh Jassim Refuses to Raise $6 Billion Manchester United Bid
Qatar’s Sheikh Jassim Stands Firm on Manchester United Bid
Qatar’s Sheikh Jassim bin Hamad al Thani has informed the Glazer family, the controlling entity of Manchester United Plc, that he will not increase his bid to acquire the iconic soccer club for over $6 billion. This decision has left the other remaining bidder, Ineos chairman Jim Ratcliffe, in a stronger position. Ratcliffe has offered to buy only a 25% stake in the club, allowing some of the Glazers to cash out. However, it remains uncertain whether Ratcliffe will secure an agreement.
Ratcliffe’s Bid Outvalues Jassim’s Offer
The exact value of Ratcliffe’s bid for Manchester United is unknown, but sources have revealed that it surpasses Jassim’s offer of over $6 billion. Currently, the stock market values Manchester United at $3.3 billion. Despite Jassim’s promise to invest an additional $1.7 billion in the club, he has decided to withdraw from the bidding process after nine months of unsuccessful negotiations with the Glazer family.
Jassim’s Debt-Free Bid
Jassim’s bid did not involve any debt and would have helped pay off Manchester United’s existing debt, which amounts to over $600 million. However, Jassim has communicated to the Glazer family that continuing with the bidding process would be futile.
Glazers’ Valuation Expectations
The Glazer family, who acquired Manchester United in 2005 for £790 million ($960 million), has set aggressive valuation expectations. Last year, the acquisition of Chelsea Football Club for $3.1 billion valued it at 5.7 times its previous year’s revenue. Valuing Manchester United at over Jassim’s bid, such as $7 billion, would be equivalent to 11 times the club’s revenue over the last 12 months.
The Glazers Contemplate Cashing Out
In November 2022, Manchester United announced that the Glazers were considering cashing out on their ownership. The club’s downturn in fortunes, with only one top-flight title since 2012-13, has led to calls for a change in ownership from many of its 650 million fans worldwide.
Note: This article has been rewritten to provide a unique and enriched account of the events surrounding Qatar’s Sheikh Jassim bid for Manchester United. The information presented is based on sources familiar with the matter and has been written in a simplified and engaging manner to ensure easy comprehension.
