Sheikh Jassim bin Hamad Al Thani has apparently beaten Sir Jim Ratcliffe to the purchase of Manchester United from the Glazer family.
The Qatari banker and Ratcliffe have long been regarded as the two leading contenders to take over at Old Trafford since the Glazers first announced that they would be open to a sale in November.
Both parties have submitted multiple bids to Raine Group – the American bank overseeing any potential takeover – but the process has been an extremely long-winded one.
There is alleged to have been disagreements within the Glazer family over whether to sanction a full sale or only welcome minority investment, leaving Sheikh Jassim and Ratcliffe in limbo.
It was previously claimed that Ratcliffe was Man United’s first choice, but Sheikh Jassim is said to have submitted a fifth and final offer for the club last week.
While the 44-year-old had set Friday as a deadline for a response, his bid apparently remains on the table, and reports from Qatar have now claimed that Sheikh Jassim is set to win the race to buy the club.
According to Al-Watan – via The Mirror – an announcement of Sheikh Jassim’s takeover will be made soon, as the Glazers prepare to relinquish power following a turbulent 18-year spell.
Sheikh Jassim has reportedly promised to invest heavily in Old Trafford and the club’s training ground if his takeover bid is successful, and he is looking to purchase the whole of the club.
On the other hand, Ratcliffe’s bid was only for a controlling stake – allowing the Glazers to stay on as minority shareholders – with a view to a possible full takeover after three years.
Man United’s current owners are said to have been holding out for a £6bn fee to sell the club, and while Sheikh Jassim’s latest offer is closer to £5bn, there is optimism that a deal will be struck.
Sheikh Jassim’s takeover bid has recently been at the centre of controversy, though, as it was claimed that he had enlisted the help of Paris Saint-Germain president and compatriot Nasser Al-Khelaifi.
The beIN Media Group chairman has since denied any involvement in the process, claiming that he is only focused on PSG but would offer his “opinion” if asked.
The Glazers assumed full control of Man United in 2005, but their ownership has been met with fierce fan protests over the course of the last 18 years.
Supporters have taken aim at the American family for their extortionate debts of £969.6m, while fans also stormed the Old Trafford pitch in the wake of the European Super League debacle.
