The prospect of a new takeover bid for Manchester United by Sheikh Jassim Bin Hamad Al Thani has been ruled out by Sky Sports, though he wishes the club well and wants them to be as “successful as possible.”
Speaking on the Sky Sports news channel, Kaveh Solhekol (video below) revealed Sheikh Jassim “remains a Man Utd supporter” despite his efforts to gain control of the club ultimately failing.
The Qatari banker’s bid, which was directed through the 92 Foundation, was for one hundred percent ownership at Old Trafford, worth in the region of £5 billion.
Solhekol reports that the Glazers were asking for £6 billion to secure such a deal.
Sir Jim Ratcliffe rivalled Sheikh Jassim with the INEOS owner the only other credible contender in the takeover race, which was sparked last November when the Glazers announced they were considering a “strategic review” of the club, which would include a potential sale.
In the end, Ratcliffe was able to outwit his rival and secure a minority stake agreement for 25% ownership, which came at a cost of about £1.25 billion, thanks to his adaptability.
With a reported £245 million infrastructure investment pledge attached to the bid, Ractliffe’s proposal, if approved, would entail a roughly £1.5 billion investment.
Rumors had been circulating, primarily on social media, suggesting that Sheikh Jassim might make an incredible 180-degree turn and enter the process again with a fresh bid. But Solhekol disputes this notion.
The Qatari banker is no longer “in the picture” for a takeover bid, according to the Sky Sports news reporter, and there is “no indication” that this will change.
The businessman lost “millions of pounds” due to the unsuccessful process; he was left with no choice but to absorb the losses. The team in charge of Sheikh Jassim’s bids has been “disbanded.”
As a result, there is no chance that he will change his mind about pulling out of the talks, which he initially justified with the Glazers’ “unrealistic and fanciful” assessment of the cost of their club.