Sheikh withdraws from process to buy United

Qatari banker Sheikh Jassim bin Hamad Al Thani has withdrawn from the process to buy Manchester United.

Sheikh Jassim offered £5 billion to buy the club, but negotiations this week have fallen apart. The Glazer family, who purchased Manchester United for £790 million in 2005, revealed in November 2022 that they were contemplating the possibility of selling the club.

British businessman Sir Jim Ratcliffe’s Ineos Group was the other main bidder but only wanted a controlling stake.

As of March, Manchester United had a total debt of £969.6 million, which included a combination of gross debt, bank loans, and unpaid transfer fees with related payments.

Earlier this month BBC Sport reported Ratcliffe was considering whether to offer to buy a minority stake in the club in an effort to break the impasse over the ownership situation.

The Glazer family’s announcement last year that they were considering selling United led to a flurry of interest but only two offers, from Ineos and Sheikh Jassim.

Both submitted offers of approximately £5 billion. Sheikh Jassim’s team consistently stated his intention to acquire 100% ownership of the club, while Ratcliffe expressed his interest in obtaining a controlling stake.

Fans of Manchester United have organized protests against the Glazer family both within and outside Old Trafford.