Qatari tycoon Sheikh Jassim has officially withdrawn from the Manchester United takeover race after his latest offer was rejected by the Glazer family following fresh negotiations.
Sheikh Jassim had been one of two frontrunners – alongside Sir Jim Ratcliffe – in the takeover process for the Manchester club after their American owners decided to open up the club for sale in November last year. The Qatari businessman had lodged a fresh proposal with the club but following talks, has withdrawn his bid.
He is believed to have tabled a fresh bid that would have entirely cleared the club’s existing debt in exchange for 100 percent of ownership of United. This however proved did not meet with the approval of the Glazer family and he is believed to have convinced his consortium that the Glazers’ valuation of the club is unrealistic.
No other comments have been made publicly on the situation and with confidentially clauses built-in to the bidding process on all sides, it is believed that Sheikh Jassim and his team have informed United and the Raine Group tasked with overseeing the process that they are withdrawing from the process. Ratcliffe is now the sole frontrunner to take over the club in the event that the Glazers sell finally decide to sell.
The long overdrawn sale process is close to entering its eleventh month, with the latest rumors that the Glazer family are now said to be finally on the same page regarding the sale of the club as there had been earlier concerns that the family members had been having differing views pertaining to the sale.