Qatar Islamic Bank chairman Sheikh Jassim Bin Hamad Al Thani has won the race to buy Manchester United ahead of INEOS founder Sir Jim Ratcliffe, Al-Watan report.
The Glazers started exploring strategic alternatives for the club in November last year, and it was anticipated that there could be a takeover in a few months.
However, the process has been prolonged until the end of the season. Sheikh Jassim recently made a fifth and final offer on the table to beat Ratcliffe in the takeover race.
It now appears the proposal has been successful. Al-Watan, an organisation owned by Sheikh Jassim’s father, have claimed that an announcement of the deal is due ‘soon’.
This could be a major reason behind the after hours trading of United’s shares in the New York Stock Exchange. United’s share price has gone up by 17 per cent since the news broke up.
United fans will be delighted with fresh update
Sheikh Jassim and Ratcliffe have been battling for the takeover of United for a number of months. The latter was recently leading the race before Sheikh Jassim’s last-gasp bid.
The Glazers were reportedly open to staying at the club with a minority stake under Ratcliffe, but their stance may have changed with Sheikh Jassim’s latest proposal.
United fans will be delighted with the latest update from Al-Watan. Sheikh Jassim’s complete takeover should provide manager Erik ten Hag with significant financial backing.
The Glazers have never spent money out of their pockets at United, and there could be a huge difference in the handling of the club’s affairs with fresh investment from Qatar.
The Financial Fair Play could be a potential hurdle for United going forward, but paying up a fine won’t be a concern for Sheikh Jassim.
While we don’t have any official confirmation, the shares activity suggest that this could be a credible story. Hopefully, the takeover saga will come to a conclusion this week.
