The state of Qatar will not be taking over Man Utd. The bid fronted by Sheikh Jassim was withdrawn.
In November of last year, United’s owners, the Glazer family, made the decision to sell the team.
Two of the more persistent suitors were Sheikh Jassim and the British petrochemicals magnate Jim Ratcliffe, acting via his business INEOS.
Ratcliffe initially sought a controlling share in the club, with plans to take it entirely within three years. And on Saturday, it was reported that Ratcliffe is close to agreeing a 25% stake in Manchester United, pending agreement from the Manchester United board.
Qatar withdraw from Man Utd takeover process
Sheikh Jassim and the Glazer family have continued their talks on the former’s purchase of Manchester United in their entirety. Eventually, the Glazer family has once again turned down the state’s proposal.
So, the Qatari financier reportedly told Glazers he wants out of the deal, and Fabrizio Romano confirmed this. The Glazers’ readiness to sell the English titans was first reported about a year ago, and at the time, it was expected that a transaction would be finalized by April.
The anticipated date came and went, and then a takeover seemed inevitable before the start of the summer transfer season. As the end of 2023 approaches, the Glazer family will remain in control.
Qatar turns attention to another club
Since then, Italian outlet Tuttomercatoweb has reported that Sheikh Jassim is instead considering an investment in Inter. In 2018, 31-year-old Chinese billionaire Steven Zhang became the club’s youngest-ever chairman and sole owner, bringing a new era of youth ownership to the Serie A club.
Zhang’s future with the Nerazzurri is uncertain, however, since a debt repayment is due in May 2024. Rumor has it that the UEFA Champions League runners-up are actively looking for new purchasers.
A potential bidder for Nerazzuri takeover has emerged, with TMW reporting that the suitor’s name is Sheikh Jassim. There has been talk of Qatar Airways being the new sponsor of the Serie A club. However, such negotiations may be ongoing independently.
Sheikh Jassim is ready to pay more than Zhang wants for Inter, but only by a small margin. The price tag for the club is $1.3 billion.
Photo credit: IMAGO / PA Images
