Sheikh Jassim and the Qatari group who failed to complete a £4.5 billion takeover of Manchester United have already confirmed their stance regarding a renewed bid for the Premier League club.
After a protracted process, Sheikh Jassim and Sir Jim Ratcliffe were named the two primary bidders for the club, which the Glazer family had stated they were prepared to selling back in November 2022.
According to a BBC report, Jassim had made an offer of about £5 billion for the team, of which £1.4 billion was to be used to pay for new training facilities, stadium designs, and players.
However, following several months of conjecture, Jassim’s team withdrew from the talks in 2023.
Ratcliffe’s agreement to purchase a 27.7% share in United was finalized over a year later, but several cost-cutting measures taken by the British tycoon and INEOS have not gone down well.
According to a report from The Telegraph during the takeover, there were a number of provisions in the agreement, such as Ratcliffe’s 12-month first refusal in the event that the Glazer family ever chose to sell their Class B shares in United.
The second condition, a “drag-along” deal that might compel Ratcliffe to sell his shares after 18 months at United, was more important.
It should be mentioned that this would only occur if the Glazers made him an offer of £26 per share in cash, with the condition in place to prevent Ratcliffe from preventing a sale if the majority owners desired it.
The ‘drag-along’ clause reportedly went into effect on Wednesday, August 13, according to a Mail story.
Sheikh Jassim’s stance on making bid for Manchester United again
Though they have ‘zero interest’ in reviving a possible buyout, Jassim and the Qatari company that bid on United have since been connected to a renewed offer.
According to The Athletic, Ratcliffe has privately declared that the legal documents pertaining to the “drag-along” clause “will not be coming out of his drawer.”
The Daily Mail was informed by an insider that Sir Jim contributed $300 million [£223m] of his own funds to finance the £50 million Carrington renovation.
The last time someone invested money in Manchester United instead of withdrawing it was a very long time ago. Simply put, what is there not to enjoy about the Glazers?
Leave a Reply