Football: Qatar's Sheikh Jassim withdraws from race to buy Manchester United from Glazers

After months of speculation, Qataribanker Sheikh Jassim bin Hamad Al Thani has withdrawn from the process of buying Manchester United, according to multiple reports.The current owners of United, the Glazer family was informed about the Qatari businessman's decision late Saturday evening.

Jassim's offer, which valued the club at $3.5billion was believed to be the only bid for 100 per cent of the club. He had committed anadditional initial amount of over $1.5 billion for the club and was ready to finance new stadium plans, new training centre facilities,buy players, and fast-track city/community regeneration projects, according to football journalist Fabrizio Romano.

The withdrawal comes after Sheikh Jassim launched a fifth and final bid in June to get over the line. However, the reluctance of the Glazers to let go of the complete ownership of the club meant that the deal remained stuck, testing the patience of the Qatari businessman.

After Sheikh Jassim's withdrawal,British businessman Sir Jim Ratcliffe's Ineos Group remains the only bidder. According to a BBC report, Ratcliffe is now attempting to conclude a deal for a minority stake in the club, thought to be around 25 per cent.

Sheikh Jassim's initial bid

Sheikh Jassim, the chairman of one of Qatar’s biggest banks had filed an initial bid for the complete ownership of the clubin February, earlier this year, after the Glazers announced plans to sell the club in November last year.

At the time, Sheikh Jassim said he wasputting in the bid to steer the club to its 'former glories' both on and off the pitch. Explaining how he will be changing the footballing landscape of one of the biggest clubs in the world, the statement read:"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports."

For a long time, a vocal section of United fanbase has been demanding that Glazers give up their control of the club, primarily due to their poor decision-making involving the benefit of the club.

(With inputs from agencies)

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