Sheikh Jassim, the Qatari billionaire has submitted a fifth and probable final bid to take over as the new Manchester United owner.
The bidding process for the English Premier League powerhouse has been ongoing since February and reports claim that Sheikh Jassim has made it understandable that he will not make any additional bids after Friday, 8th of June.
The Qatari business mogul and INEOS CEO Sir Jim Ratcliffe have been the two leading candidates in the Manchester United buyout process.
To get a valuation closer to the £6billion ($7.54bn) set by the Glazer family, both Sheikh Jassim and rival bidder Sir Jim Ratcliffe submitted new offers for the club at the end of April to Raine Group, the US bank assigned to manage any sale.
Since the American owners put the club up for sale in November, the Raine Group, which is managing the process on the Glazers’ behalf, has invited three rounds of bids.
Then Sheikh Jassim made a fourth proposal, and he’s already back with a fifth this week.
Both the Qatari and Radcliffe had wanted to close a deal by now, but the lengthy process has made them both impatient with the Glazers.
According to reports, Sheikh Jassim’s bid is for total control of the Premier League club and is believed to contain a major interest in the club’s infrastructure, which has been majorly ignored under the current ownership.
Sheikh Jassim is confident that his offer is the best available and will provide significant benefits to Manchester United, including the elimination of the club’s approximately £1 billion in debt and the creation of a separate fund to redevelop Old Trafford, the surrounding area, and the club’s Carrington training complex.
While Ratcliffe’s bid is for a controlling interest in the Premier League club, which gives the Glazers room to maintain some involvement under certain circumstances.
The Glazers have received additional criticism since they promised to make a final decision by April 28 but have not done so.
Some football insiders believed that the Americans may have gone through the motions just to see how much interest there was in investing, thus there is no assurance that they will actually sell the club.
The Glazers family wants £6 billion to sell the three-time UEFA Champions League winning club, and according to them, the most recent bid is still too low.
A large part of the supporters thinks the Glazers are asking too much, considering how much money would have to be put into the stadium, the practice facilities, and the players themselves, and fans are growing increasingly impatient with the delay.
What’s next for Sheikh Jassim?
The Qatari billionaire will be patiently waiting for the Glazers to accept the offer before Friday.
Who’s Sheikh Jassim?
The Qatari Sheikh is the head of one of the largest banks in his nation, Qatar Islamic Bank.
Former Prime Minister Hamad Bin Jassim Bin Jaber Al Thani is his father. There isn’t much known about him, but we do know he went to a British boarding school and then the Royal Military Academy at Sandhurst, where he purportedly fell in love with Man United.
