A dramatic chapter is gradually unfolding in the post-Manchester United takeover as the Qatari bidder emerges into the scene again.
Sheikh Jassim, who was previously a leading contender to buy Manchester United, was phased out of the race by his more shrewd competitor Sir Jim Ratcliffe.
While Sheikh Jassim wanted a 100% buy-out and total ownership of the club, Sir Jim opted for a partial takeover deal. With his investments in other football and sports-related outfits, Sir Jim and his INEOS team aced through the bidding process and succeeded in securing 27.7% of the club with his £1.3bn bid.
Meanwhile, Sheikh Jassim had withdrawn from the race after it dawned on the Qatari investors that the Glazers weren’t ready for a total sale of the club as they held out for £6bn.
After withdrawing from the bidding race, Sheikh Jassim blasted the Glazers for using them to inflate the value of the club before selling to a partial shares to Sir Jim Ratcliffe.
It was evident the relationship between Sheikh Jassim and the Glazers had grown tense as Sir Jim closed in on winning the bidding race.
While it is still unclear whether the Glazers intentionally scuttled Sheikh Jassim’s full takeover bid, there were reports the American investors would favor partial ownership to continue retaining ownership of the club.
At this juncture, Sir Jim was a clear favorite to win the race but it appears the UK billionaire equally had a downbeat review of his competitor.
After completing his takeover, Sir Jim Ratcliffe was asked about his take on Sheikh Jassim, and he echoed United’s sentiments that Sheikh Jassim did not exist (could not provide proof of payment for his bid)
“Still nobody’s ever seen him, actually.
“The Glazers never met him… he never… I’m not sure he exists!” Ratcliffe said.
According to the Athletic, Sheikh Jassim has now written legal letters to Manchester United to correct their wrong SEC filings that he could not provide proof of payment.
He has also written complaining of Sir Jim Ratcliffe’s recent comment which breaches the confidentiality of the sales process.
Did Sheikh Jassim provide proof of payment for Manchester United takeover?
There are contradictory reports on what actually transpired between Sheikh Jassim and the Glazers family on the Man United takeover. Particularly, the flashpoint of arguments has been on whether the Qatari contingents provided proof of payment or not.
The Glazers family have not minced words on their position to that effect. They have maintained the Glazers did not submit ‘customary financing commitment letters’ to ascertain how he will fund the takeover.
Sheikh Jassim’s representatives have disputed United’s claims, insisting they had even handed out a bank guarantee to United’s negotiators from Qatar National Bank – the biggest financial institution in the Middle East and Africa.
How much did Sheikh Jassim bid for Manchester United?
Another point of contention is the amount Sheikh Jassim bid for Manchester United. According to reports, Sir Jim Ratcliffe withdrew from the race after his £4bn bid for the club was rejected but the Qatari investors’ representatives said the amount was significantly higher than the reported £4bn.
Raine Group speaks on Sheikh Jassim
Raine Group, an investment brokerage organization that oversaw the takeover process, revealed Sheikh Jassim was actually in the race for Man United takeover but did not meet the Glazers’ £6bn valuation of the club.
Speaking with the Times, Raine Group co-founder Joe Ravitch said they met Sheikh Jassim and discussed the bidding process but could not reach an agreement.
“We met Jassim. He was in New York. He’s a lovely guy; a very smart guy. The Qataris were very real. They were very smart guys, very thoughtful.
“I don’t know why they didn’t appreciate the value [of the club] but we were not their adviser.
Manchester United have been reportedly contacted for comment on Sheikh Jassim’s claims but have yet to respond.
