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Sheikh Jassim launches last-gasp bid for Man Utd

BREAKING: Sheikh Jassim launches dramatic last-gasp takeover bid to acquire Manchester United

May 16, 2023 By Emmanuel K. Budu-Annor
The Qatari banker has reportedly made an extraordinary late takeover bid to beat Jim Ratcliffe In the race to acquire Man Utd.

Qatari billionaire Sheikh Jassim Bin Hamad Al Thani, has made a decisive last-minute bid to acquire Manchester United, with the aim to outmaneuver his rival Sir Jim Ratcliffe and bring an end to the lengthy takeover saga. In an extraordinary eleventh-hour move, Sheikh Jassim submitted a final, improved offer for the club, setting the stage for a potential total ownership deal.

Following three rounds of bidding last month, a deadline for final proposals was established. Initially, it appeared that Ratcliffe had the upper hand, as his proposal for United was higher than Sheikh Jassim's. In addition, the INEOS owner had extended an enticing offer to executive co-chairmen Joel and Avram Glazer, allowing them to retain a partial interest in the club for two to four years before exiting completely. This possibility appealed to the Glazer siblings, who expressed an interest in retaining ties to Old Trafford prior to their eventual sale.

While hopes were high that a preferred bidder would be chosen last week, negotiations have continued, with Sheikh Jassim seizing the opportunity today to make another decisive move in his quest to acquire control of Manchester United. According to The Times in UK, Sheikh Jassim is offering to buy 100% of the club now for a price nearer to 5 billion pounds ($6.31 billion).

Although the Qatari royalty's improved offer is believed to value the club less than Ratcliffe's, it desires full ownership and an immediate payment that would reduce United's estimated $670M in outstanding debt. Notably, the proposal also promises substantial investments to strengthen the playing contingent and renovate or rebuild Old Trafford.

Raine Group, a New York-based merchant finance firm renowned for managing Chelsea's sale last year, still remains in charge of overseeing the sale process. As discussions continue with all stakeholders, it is unknown how Ratcliffe's Ineos Group will react to this latest development. Ratcliffe's alternative proposal entails acquiring a 50 percent stake in Manchester United, allowing for a gradual acquisition valued at approximately £6BN.

With the transfer window approaching and United's roster in need of reinforcements, the outcome of these negotiations will unquestionably determine the future of one of the sport's most prestigious clubs. 


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