Qatari billionaire Sheikh Jassim is edging closer to completing his acquisition of Manchester United by mid-October.
Sheikh Jassim has waded off rival Sir Jim Ratcliffe, who was also interested in acquiring the Red Devils.
Ratcliffe also proposed to give room for the Glazer family to keep a stake in Manchester United.
Reports indicate that a new date for the announcement of a new Manchester United’s owner has been decided upon. The newly shared date might be as early as September 2023.
Representatives of Sheikh Jassim are now conducting their needed findings on the club, before completing the purchase.
The Glazers acquired Manchester United in 2005 for about £800 million, and the English club has experienced tremendous success on and off the pitch.
However, successes off the pitch aren’t proportionate with that on the pitch, particularly in recent years.
Despite the impressive growth financially, the Glazers have also plunged the club into humongous debts.
The American owners of Manchester United have since spent over £1 billion to service the debt.
The club’s last financial records showed a huge debt of £725 million, the highest amount of debt the club has ever recorded since 2010.
What Sheikh Jassim acquisition of Manchester United brings
Sheikh Jassim Bin Ahmed Al Thani’s arrival will clear off all the debts owed, and also not receive any profits from the club, contrary to the dispensation of the Glazers.
In more noteworthy plans for Manchester United, the Qatari billionaire also proposes to refurbish Old Trafford and Carrington training center.
All these would be done, whilst continuing to invest into the team.
Manchester United supporters will be relieved that the takeover saga is seemingly heading to a definitive end, having been kept in limbo over the future of their club.
The club was put up for sale last November and the Rein Group was put in charge of the sale process.
Reports earlier indicated that the Glazers weren’t ready to let go of Manchester United as no bidder has met their asking price.
This has resulted in fans of the 3-time Champions League winners voicing out their displeasure over the actions of the Glazers.
There have been several demonstrations in and around Old Trafford, to get the Glazers out of the club.
Many Manchester United fans have shown their likeness for Sheikh Jassim’s camp as they feel he would do a great job as the owner of the English giants.
Manchester United in the Premier League
The Old Trafford club began their 2023/24 Premier League season with a 1-0 victory over Wolverhampton Wanderers.
However, Erik Ten Hag’s side were defeated in their second game of the season by 2-1.
All through the summer, Ten Hag has maintained his confidence that the takeover saga would hamper signings this summer and it appears it hasn’t had any negative effect on transfers.
Manchester United have spent over €120 million this summer, signing notable players, namely; Andre Onana from Inter Milan, Mason Mount from Chelsea, and Rasmus Hojlund from Atalanta.
The Red Devils are also interested in signing Fenerbahce keeper Altay Bayindir and Fiorentina midfielder Sofyan Amrabat.
Erik Ten Hag’s side face Nottingham Forest next in the Premier League, on August 26, 2023, as they look to return to winning ways.