Qatari banker Sheikh Jassim Bin Hamad Al Thani is now set to complete the takeover of Manchester United by mid-October, after The Glazers family accepted his £6 billion offer.
Since November last year when the Glazers announced plans to seek strategic alternatives including a full or partial sale of United, Sheikh Jassim has been embroiled in a hotly-contested rivalry against INEOS billionaire Sir Jim Ratcliffe to take over the reins at Old Trafford.
The Glazers bought Man United for £790 million back in 2005 and will make a huge profit on their original investment. The family was initially keen to retain holding shares at Manchester United but were warned by senior figures at the club of the potential for fan backlash. They have now agreed to hand over 100 per cent of the asset.
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.
The publication wrote;
“A date is pencilled in and an announcement [to declare Sheikh Jassim as the winner] could come as early as next month.
“Sheikh Jassim’s team are now completing their due diligence on the club before they end the 18-year reign of the loathed Glazers,
“The Glazers wanted to continue holding shares but were warned by senior Old Trafford figures there would be a huge backlash from the fanbase.”
In addition to completing their own due diligence, the Qatari team is expected to pass the Premier League’s Owners’ and Directors’ test, also known as the Fit and Proper Persons’ test before the deal can be wrapped up.
The deal will not be completed in time for Manchester United to invest in the transfer market before the window closes at the end of the month, but Sheikh Jassim does intend to upgrade both Old Trafford and the club’s Carrington training ground.
Leave a Reply