Qatari Billionaire, Sheikh Jassim has withdrawn from the race to buy Manchester United from the Glazers family.
The Qatari businessman has been competing with British billionaire Sir Jim Ratcliffe to buy United after the Glazers put the club up for sale last November but new reports say the Glazers took United off the market last month after realising that neither interested party would meet their £10 billion valuation.
Sheikh Jassim had a £5bn offer for a complete takeover of United rejected earlier this year, while Ratcliffe, the petrochemicals billionaire, had considered buying a minority stake.
Both Sheikh Jassim and Ratcliffe had retained their interest, despite the Glazers’ high valuation, but the Qatari billionaire has now pulled out of the race.
‘Sheikh Jassim has had further discussions with Glazers family to buy 100 per cent of Manchester United,’ transfer expert Fabrizio Romano said on his YouTube channel on Saturday, October 14.
‘Sheikh Jassim’s bid proposition has been rejected again by Glazers family. As a result, Sheikh Jassim informed Glazers that he’s ready to withdraw from the process.
‘Sheikh Jassim has presented fully cash bid, clearing all old debt, with zero new debt, for 100% of the club.
‘Sheikh Jassim’s team decline to comment on this news citing ‘confidentiality restrictions’, but have confirmed they’ve withdrawn from the process.’