In a high-stakes power play, Qatari Sheikh Jassim has given the Glazer family, owners of Manchester United, an ultimatum: sell the club to him or risk losing the opportunity. As a member of Qatar’s ruling Royal Family and a billionaire banker, Sheikh Jassim made his fifth bid for the club earlier this week. Frustrated by the lack of progress and negotiations with the Glazers and their deal-makers, the US-based Raine Group, Sheikh Jassim has now set a self-imposed deadline and threatened to walk away if his bid isn’t accepted within 48 hours.
The Glazers have been handed an ultimatum
Sheikh Jassim has threatened to walk away if his bid isn’t accepted in 48 hours
While Sheikh Jassim’s fifth bid will remain on the table, he and his entourage have decided not to engage any further in the sale process after their deadline expires. This development could potentially expedite a sale to Sir Jim Ratcliffe, Britain’s richest man, and his Ineos petrochemicals giant. Alternatively, it may force the Glazers into a deal with the Qatari Sheikh.
Sheikh Jassim’s offer includes a demand for 100% ownership of Manchester United in a cash upfront deal. He argues that such an arrangement would completely clear the club’s existing debts. Additionally, Sheikh Jassim promises substantial funding for transfers, infrastructure, and other investment requirements, surpassing what he believes the Ineos bid can offer.
With Manchester United’s current valuation on the New York Stock Market standing at under £2.5 billion, the Qatari offer represents a significant premium on the share price. Despite making four previous bids, none of them have matched the Glazers’ £6 billion valuation. The Sheikh’s latest bid, which was made last month, is rumored to have been in the region of £5.5 billion.
Sir Jim Ratcliffe wants to share MU with the Glazer family
Sun Sport recently reported that the Glazers were leaning towards accepting Sir Jim Ratcliffe and Ineos’ bid. This offer amounted to around £3 billion for a controlling share of just over 50% of the company. Crucially, it would also allow current United co-chairmen Joel and Avram Glazer to remain at the club, while providing an exit strategy for their four siblings. If Ineos emerges as the victor, it would likely result in the departure of the current chief executive, Richard Arnold, and other directors.
Sir Jim Ratcliffe believes that acquiring a majority stake would grant him effective control over Manchester United. However, some city analysts question this view. There have even been reports suggesting a potential subsequent offer from Ineos that would allow all six Glazer family members to retain their positions at the club. Nevertheless, sources close to the company have neither confirmed nor denied the validity of these claims.
As the deadline looms, the Glazers face a critical decision that could shape the future ownership and direction of Manchester United. Whether they choose to sell to Sheikh Jassim or consider the offer from Sir Jim Ratcliffe and Ineos, the outcome will undoubtedly have far-reaching implications for one of the most storied football clubs in the world. Football fans and stakeholders eagerly await the resolution of this high-stakes battle for control.
