Qatari banker, Sheikh Jassim Bin Hamad Al Thani has chosen to withdraw his bid to acquire Manchester United, according to a source closely connected to the deal.
Gatekeepers News reports that this decision comes after nearly a year of United exploring various strategic alternatives for club growth, with a full sale as one of the potential options.
Sheikh Jassim and British billionaire Jim Ratcliffe had been the frontrunners in the bidding process earlier this year. However, despite concerns among supporters regarding the current ownership by the Glazer family, the bid process stalled in recent months.
The Daily Mail reported that Jim Ratcliffe is now in talks to secure a 25 percent stake in the club for approximately £1.5 billion ($1.7 billion).
The Glazers have owned Manchester United since their leveraged takeover in 2005, which saddled the club with significant debt. As of March, United’s debt had grown to £970 million.
Sheikh Jassim’s bid aimed for full control of Manchester United and included plans to clear the club’s borrowings. Despite an improved bid believed to be around £5 billion, talks broke down this week.
Jim Ratcliffe, the founder of petrochemicals giant Ineos and a lifelong United fan, is willing to purchase a smaller stake to break the impasse over the Glazers’ £6 billion asking price.
Ineos already has a portfolio of sports investments, owning French club Nice and Swiss side Lausanne-Sport, as well as sponsoring the Mercedes Formula One team and owning a major cycling team, Ineos Grenadiers.
Under the Glazers’ ownership, Manchester United’s on-field performance has declined. They haven’t won the Premier League since 2013 and last secured the Champions League in 2008. Currently, they are in 10th place in the Premier League and have lost their first two Champions League group stage matches for the first time in their history.
Fans have also expressed frustration over a lack of investment in the club’s infrastructure, with Old Trafford in need of significant redevelopment.
While Sheikh Jassim’s deal promised significant investment in the form of $1.7 billion, concerns were raised about potential state influence in the Premier League due to his background as the son of a former Qatari prime minister.
The Sheikh Jassim bid included plans for a new stadium, a training center, and player transfer market investments.
The Premier League has faced calls to tighten ownership rules to prevent “sportswashing” by foreign entities, as seen with clubs like Manchester City and Newcastle.
