Sheikh Jassim ‘set to WITHDRAW from Man Utd takeover race’ after Glazers reject latest proposal
SHEIKH JASSIM is set to withdraw his bid to take over Manchester United, according to reports.
Qatari politician Jassim, 64, was one of two candidates in the frame to buy the club from the Glazer family along with British billionaire Sir Jim Ratcliffe – who wants a 25 per cent stake in the club.
But now Fabrizio Romano is claiming Jassim – who was proposing a complete takeover – is ready to pull out of the process as it continues to drag on.
The transfer expert tweeted: “Sheikh Jassim has had further discussions with Glazers family to buy 100% of Manchester United.
“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.”
He then went on to add: “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“Sheikh Jassim’s team decline to comment on this news citing ‘confidentiality restrictions’, but have confirmed they’ve withdrawn from the process.”
It was previously reported that Jassim was standing firm on his £5bn valuation.
The Glazers are said to value the club at £6bn.
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But the Qatari investor was not willing to budge due to numerous factors.
These included Man Utd’s poor start to the season – which has seen them lose six games out of 11 in all competitions.
Another concerning part of the club is the £1bn debt.
And there are also serious renovations needed to both Old Trafford and the Carrington training ground.
If Ratcliffe‘s proposal is accepted, it means the Glazers will remain in control of the club.
This will be unpopular with many fans and ex-players who have loudly protested the Glazers‘ presence.
However, it could raise extra capital for transfers or for improvements to be made to a decaying Old Trafford.