Sheikh Jassim bin Hamad al-Thani is understood to have ended his interest in buying Manchester United from the Glazer family.
The Qatari billionaire has told the Florida-based family, who have owned United since 2005 and since April have courted bids for the club, that he has withdrawn from the process. Sheikh Jassim’s interest was in buying 100% of the club, but after the Glazers put up an asking price that was “fanciful and outlandish” according to sources, he will not pursue it any further.
Sir Jim Ratcliffe, the Manchester-born Ineos chemicals billionaire, was the Qatari banker’s main competitor for the club and has recently been linked with buying only a percentage of United rather than a total buyout.
The current market valuation of Manchester United is $3.2bn but Sheikh Jassim is understood to have bid double that, only for the Glazers to turn him down. He had pledged a full cash bid that would remove the club of the £1bn debt that was reported in the club’s September financial results, and to renovate or replace the now outdated Old Trafford stadium.
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