Sheikh Jassim bin Hamad Al Thani, a Qatari banker, has decided to withdraw from the process of purchasing Manchester United, as per information obtained by BBC Sport. His initial offer of £5 billion for the club had been on the table, but recent discussions have broken down.
The Glazer family, who acquired Manchester United for £790 million in 2005, had announced in November 2022 that they were exploring the possibility of selling the club.
The primary competing bidder was British businessman Sir Jim Ratcliffe’s Ineos Group. Recent reports had suggested that Ratcliffe was considering an alternative approach, which involved acquiring a minority stake in the club to help resolve the ongoing ownership uncertainties.
Notably, Manchester United supporters have been vocal about their discontent with the Glazer family’s ownership, both inside and outside Old Trafford.
In the absence of any public statements from the parties involved, the reasons behind Sheikh Jassim’s decision to withdraw are not entirely clear.
The Glazer family, likewise, has not made any public declarations since they initiated a ‘strategic review’ concerning Manchester United in November. This review was initially seen as one of several options for the club’s future, although it sparked hope among fans who have long criticized their ownership.
The recent months have seen various rumors and conflicting reports regarding the sales process, including suggestions that it had been put on hold. However, sources have insisted that it is still active.
Earlier this week, Richard Arnold, CEO of Manchester United, informed a Fans Forum meeting that the work on the ownership situation was ongoing. However, no specific timeline or developments were mentioned.
While there’s no official confirmation, it’s common for Manchester United to release their financial results for the end of the year around this time. Back in June, figures indicated that the club was set to achieve record revenues, despite not participating in the Champions League during the previous season.
This increase in revenues was driven by improved matchday and commercial income, prompting the club to revise its annual revenue forecast upwards.
