Manchester United Sale: Sheikh Jassim pulls out as British Billionaire Sir James Ratcliffe likely to win the race

Sheikh Jassim’s bid, which valued Manchester United at over £5 billion, was believed to be the sole offer for a 100% stake in the club. However, it appears that the Glazers, who have owned United since 2005, found Sheikh Jassim’s valuation insufficient, leading to his withdrawal from the process.

The alternative proposal involves petrochemicals billionaire Sir Jim, who has expressed his lifelong passion for the club and is now nearing an agreement to purchase approximately 25% of the club.

Ineos Sports, under the stewardship of Sir Jim, has presented a proposition to the controlling Glazer family. This deal would involve the acquisition of portions of both their privately held shares and the publicly traded stock on the New York Stock Exchange (NYSE), with both sets of shares being offered at the same price.

Sheikh Jassim initially aimed to acquire the club outright and launched what his representatives described as his fifth and final bid in June, striving to close the deal. His initial bid for the club was made in February. In May, Sheikh Jassim’s bid team had considered the possibility of withdrawing due to a lack of progress since their apparent final offer in April, as requested by the Glazers.

In June, Sheikh Jassim is understood to have increased his offer, but it still failed to meet the Glazers’ expectations, despite significantly exceeding the club’s $3.3 billion valuation on the New York Stock Exchange. The primary point of contention between the parties remains the valuation, leaving the door open for Sheikh Jassim to potentially rejoin the protracted process, especially as protests against the Glazers persist.

Dissatisfaction with the ownership has been growing as United started the 2023-24 season with four losses in their first eight Premier League games, placing them 10th in the table. Additionally, Erik ten Hag’s team has lost both of their Champions League group matches in the same season.

Sheikh Jassim’s offer would have made Manchester United the most expensive sports team in history, surpassing the Washington Commanders’ NFL acquisition by at least £200 million, but it still fell short of the Glazers’ reported valuation of around £6 billion earlier this year.

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