Sheikh Jassim could have just days left to save Manchester United takeover
According to the newest reports, Sheikh Jassim’s chances of completing a takeover at Manchester United have just gotten weaker.
After the Glazers said they were’seeking strategic alternatives’ last November, the Qatari banker began his bid for the club in February. Sheikh Jassim emerged as an early favourite, although British billionaire Sir Jim Ratcliffe has also remained a strong contender.
Since those February bids, several rounds of bidding have taken place before the Sheikh submitted his fifth and final offer for United in June, having determined that the current owners and the Raine banking group, which is overseeing the sale process, had had ample time to seek or request clarification and revision of his offer.
Sheikh Jassim could have just days left to save Manchester United takeover
Sir Jim, on the other hand, looks to be more adaptable. While it has long been speculated that the INEOS owner’s takeover may result in the Glazers remaining in some form, fresh sources say he is open to taking an initial 25% interest in the club ahead of a possible phased takeover.
On Thursday night, Bloomberg reported that the Glazer family ‘now regards Ratcliffe’s bid for a minority interest as more appealing than an alternate Qatari offer for the entire club’. It went on to say that United’s board of directors might meet ‘as soon as the next few days’ to review the latest proposal.
If this is true, Sheikh Jassim may be concerned. Ratcliffe recently told INEOS.TV, “You can’t really contemplate acquiring a brand like Manchester United and failing because the failure is just far too public and excruciating in a deal like that.”
While keeping the Glazers would obviously be undesirable, Sir Jim looks eager to do whatever it takes to become associated with the team he has followed since childhood. And his most recent attempt appears to be swinging the pendulum in his favour.
According to Bloomberg, “the situation remains fluid, and the Qatari group could still increase its bid.” At this point, it appears that Sheikh Jassim will need to boost his offer in order to secure a takeover.
With United’s board of directors expected to convene in the coming days to evaluate Ratcliffe’s offer, he may need to act swiftly.
