The Qatari financier, who is close to completing a £6 billion agreement to acquire the club, is thought to have defeated long-term rival Sir Jim Ratcliffe after a grueling bidding war that began in November 2022 and included many rounds of bidding amid fan protests. Sheikh Jassim has offered to buy 100% of United and put an end to the Glazer family’s 18-year reign at Old Trafford.
Meanwhile, British billionaire and INEOS CEO Ratcliffe has been working on a proposal that would keep the Glazers’ share in the club. According to The Sun, Sheikh Jassim has won and is now performing his final due diligence on United before signing off on a seismic deal that would rock the world of sport.
The son of Qatar’s former prime minister will swiftly wipe away the club’s gross debt, which was last reported to be £725 million, in a statement that may come as early as next month. Unlike the Glazers, Sheikh Jassim refuses to accept dividend payments from United, which is one of the supporters’ biggest beef with the American family.
His Qatari crew also intends to renovate both Old Trafford and United’s training facility at Carrington. Sheikh Jassim will also spend in Erik ten Hag’s playing squad, believing that a spate of big-money transactions will support their return to the top of European football.
Back in February, the chairman of Qatar Islamic Bank explained his idea to supporters, many of whom are wary of a state-backed takeover, despite the fact that it would result in the Glazers’ ouster. “Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 percent ownership of Manchester United Football Club,” he said in a statement.
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“The bid intends to restore the club to its former glory both on and off the field, and, above all, to put the fans back at the heart of Manchester United Football Club.”The proposal will be debt-free thanks to Sheikh Jassim’s Nine Two Foundation, which will invest in the football teams, the training center, the stadium, and surrounding infrastructure, the fan experience, and the communities that the club supports.
