Another billionaire “steps in,” Qatari Sheikh withdraws his $6 billion bid for Man Utd

According to numerous reports on Saturday, prominent Qatari official Sheikh Jassim bin Hamad Al Thani has abandoned his offer for Premier League team Manchester United.

The most recent twist for the club’s present billionaire American owners, who are attempting to sell their team for the highest price ever.

The Glazer family accepted Sheikh Jassim’s $6 billion offer for Manchester United earlier this year, but sources told ESPN that Sheikh Jassim thought the Americans’ $7 billion asking price was far too high given that the team is worth $3.3 billion on the open market thanks to its publicly traded shares on the New York Stock Exchange.

According to the Guardian and Sky News, there’s still a chance that Sheikh Jassim will reopen discussions at a more affordable price.

The Glazers are still heavily involved in the squad since James Ratcliffe, the richest man in the UK, is the only other known potential buyer. However, new Bloomberg sources imply the billionaire may only buy a 25% interest in Manchester United at first, keeping the Glazers heavily connected.

In line with Forbes’ assessment of the club, which is now ranked as the second most valuable football team in the world (after Spain’s Real Madrid), Ratcliffe’s offer places a $6 billion value on Manchester United.

According to Forbes’ calculations, Ratcliffe is the 87th wealthiest person in the world with an estimated $18.7 billion fortune, thanks to his petrochemicals conglomerate Ineos Group.

Malcolm Glazer’s $5.4 billion fortune was passed to the current generation of Glazers, who also own the NFL team Tampa Bay Buccaneers, following his passing in 2014.

Sheikh Jassim’s father, Hamad bin Jassim bin Jaber Al Thani, was the former king of Qatar, and according to Forbes, he is worth $1.1 billion.

IMPORTANT HORIZONS
In November, the Glazer family made known that they were considering selling Manchester United. Since 2013, Manchester United, which boasts a record 13 Premier League titles, has gone without a crown, during which time neighbouring Manchester City has won six titles.

The Qatari interest in the team comes at a time when Middle Eastern investment in international sports is particularly explosive, as seen by the ownership of Paris Saint-Germain by Qatar Sports Investments and Newcastle United and LIV Golf by the Saudi sovereign wealth fund.

WHAT TO LOOK OUT FOR
If an agreement is made, Manchester United would certainly surpass the more than $3 billion asking price for Premier League rival Chelsea last spring to establish the record for the biggest sale of a football franchise ever. The $6 billion acquisition of the NFL’s Washington Commanders represents the greatest sports team transaction in history.

(FORBES)