Manchester United will not be sold to Sheikh Jassim bin Hamad Al Thani after he pulled out of negotiations to buy the Old Trafford outfit, as journalist Fabrizio Romano provides GIVEMESPORT with an internal update from Qatari sources.
The Red Devils, currently managed by Erik ten Hag, were put up for sale 11 months ago by the Glazers. Since then, United have attracted two potential buyers to the club, one of which was Sheikh Jassim.
The Raine Group are handling negotiations on the Glazers’ behalf as the Manchester giants hope to conclude recent takeover negotiations. However, one person who won’t be involved in those talks is Sheikh Jassim.
According to Romano, Sheikh Jassim has no intentions of returning to negotiations to buy Manchester United. The Italian journalist reports that sources close to the Qatari businessman say this is 100% guaranteed and that the Glazers have been informed of his decision to pull out of any potential deal.
Sheikh Jassim’s decision to withdraw from negotiations was widely reported last weekend, having been unable to agree on a deal to buy the club from the Glazers. His offer was reportedly worth over £5bn but wasn’t deemed sufficient by the American owners, whose control over the Old Trafford outfit could stretch into its 19th year in 2024. The withdrawal from negotiations follows after final and advanced talks with the Glazers confirmed that a deal would not be reached, despite the Qatari’s offer being worth more than the club’s valuation on the stock market.
Sheikh Jassim wanted to buy 100% of the club outright, having launched his fifth and final bid in June. There has been no sixth offer as the Middle Eastern party look to distance themselves from negotiations.
Journalist Ben Jacobs has recently told GIVEMESPORT that, despite the fact there has been no statement from Sheikh Jassim, the party has formally withdrawn from negotiations and is not planning to return. That means that, for now, the Glazers remain the controlling party at Old Trafford, coming to the dismay of most Manchester United supporters.
Romano has had it clarified to him that Sheikh Jassim and the Qatari group are no longer in the race to buy Manchester United. The journalist claims they are “very frustrated with the process” owing to the time it took. Asked if Sheikh Jassim has left negotiations for the Old Trafford outfit, Romano told GIVEMESPORT:
Sheikh Jassim’s withdrawal leaves INEOS chairman Sir Jim Ratcliffe in pole position to secure his 25% minority investment in the club. However, the MailOnline reports that a deal for the Englishman to complete the transaction for his stake in the club may not be completed until January.
It was hoped Ratclffe’s investment of around £1.4bn would be ratified at a board meeting on Thursday afternoon, but lawyers continue to work on the finer details of the complex agreement, which could take ‘weeks.’ This would mean that, due to the New York Stock Exchange and Premier League requirements, Ratcliffe is unlikely to be inside Old Trafford for the turn of the year.
The Englishman is expected to take control of football operations, though the club have no significant plans for the winter transfer window. The same report claims that Financial Fair Play regulations mean that Man Utd must buy to sell, with players such as England international Harry Maguire needing to move on before reinforcements can be acquired. Therefore, it is still uncertain at Old Trafford, with matters behind the scenes dominating headlines as much as the disappointing start to the campaign on the pitch.
Man Utd sit tenth in the Premier League, having lost half of their domestic fixtures, including home defeats to Brighton & Hove Albion and Crystal Palace. The Red Devils also lie rock bottom of their Champions League group, following a 4-3 loss at Bayern Munich before a capitulation as they succumbed 3-2 to Galatasaray at the Theatre of Dreams.
