A source close to the deal has confirmed that Qatari banker Sheikh Jassim Bin Hamad Al Thani has withdrawn his bid to purchase Manchester United, a move that has significant implications for the club’s future.
The potential sale of Manchester United has been a subject of discussion for nearly a year, as the club explored “strategic alternatives to enhance the club’s growth,” including the possibility of a full sale. Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe were the leading contenders in the bidding process. However, recent months have seen the process stall, despite the frustration of supporters with the current owners, the Glazer family.
It has been reported that Jim Ratcliffe is now on the verge of securing a 25 percent stake in the club for approximately £1.5 billion ($1.7 billion). This development comes after the Glazers have held ownership of Manchester United since a leveraged takeover in 2005, which burdened the club with substantial debts. As of March, United’s debt had ballooned to £970 million.
Sheikh Jassim’s bid was for full control of Manchester United and included a promise to clear the club’s debts. However, negotiations broke down this week despite an improved bid believed to be around £5 billion. In contrast, Ratcliffe appears to be willing to purchase a smaller stake to resolve the impasse over the Glazers’ £6 billion asking price.
Jim Ratcliffe, the founder of petrochemicals giant Ineos, is a lifelong fan of Manchester United and already has a significant portfolio of sports investments. Ineos owns French club Nice and Swiss side Lausanne-Sport, along with the leading cycling team Ineos Grenadiers and sponsorship of the Mercedes Formula One team.
In recent years, Manchester United’s on-field performance has declined. The club has not won the Premier League since the retirement of former manager Alex Ferguson in 2013 and last won the Champions League in 2008. They currently sit 10th in the Premier League and have lost their first two Champions League group stage matches for the first time in the club’s history.
Fans have also expressed frustration with the lack of investment in the club’s infrastructure over the past two decades, with Old Trafford in need of significant redevelopment to match the facilities of their rivals. Additionally, Manchester City’s Etihad Stadium was selected over Old Trafford for the UK and Ireland’s successful bid to host Euro 2028.
Sheikh Jassim’s proposal included a commitment of $1.7 billion to finance plans for a new stadium and training center, as well as investments in player transfers. However, concerns were raised over the potential influence of state involvement in the Premier League, given Sheikh Jassim’s ties to Qatar.
This development highlights the ongoing debate around club ownership and the potential impact of external investments in English football, especially as clubs’ fortunes can be transformed significantly by new ownership, as seen with Manchester City’s success after their takeover by Sheikh Mansour in 2008 and Saudi Arabia’s sovereign wealth fund acquiring a controlling stake in Newcastle in 2021. Human rights organizations like Amnesty International have urged the Premier League to tighten ownership rules to ensure that they do not enable “sportswashing.”