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Man Utd sale shambles as Qatari sheikh and Sir Jim withdraw bids after deadline changed

Man Utd sale shambles as Qatari sheikh and Sir Jim withdraw bids after deadline changed

The situation regarding the takeover of Manchester United has taken a new turn as both Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe have withdrawn their offers following a change in the deadline.

The US banking firm overseeing the takeover for the Glazer family had originally set a deadline of 9pm on Wednesday (March 22nd) for interested parties to submit their revised offers.

However, due to confusion from some of the bidders, the deadline has been extended by 48 hours.

Sheikh Jassim had made an impressive offer of £5bn for the purchase of Manchester United, which exceeds the previous record paid for a sports team of £3.75bn paid for the Denver Broncos in June of last year.

The Qatari banker has withdrawn his previous bid and is working on a new offer to submit before the extended deadline on Friday. Sir Jim Ratcliffe, who is the richest person in Britain and a lifelong supporter of Manchester United, postponed his bid of £5 billion after hearing about the Qatari banker’s decision.

It has been reported that there may be up to eight interested parties by the time bidding ends, but only Sir Jim and Sheikh Jassim have publicly declared their intention to bid.

Both Sheikh Jassim and Sir Jim were given a full tour of Old Trafford before the initial closing period on Wednesday. Sheikh Jassim was given a VIP experience on Tuesday, March 16, while Ratcliffe was given the same tour the following day.

Ratcliffe, who is already the owner of Ligue 1 team Nice, Swiss club Lausanne, and has a one-third stake in F1 team Mercedes, is believed to have a net worth of £11.3bn, as per Bloomberg.

He is reportedly aiming to acquire a majority stake by purchasing the Glazers’ 69% share.

Meanwhile, Sheikh Jassim, who owns Qatar Islamic Bank and has assets worth £42bn, plans to buy out the remaining shareholders once he becomes the owner, with the goal of achieving full ownership.

A statement from the Qatari banker reads: “The bid plans to return the club to its former glories.

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.

“The vision of the bid is for Manchester United to be renowned for footballing excellence, and regarded as the greatest football club in the world.”

Man Utd sale shambles as Qatari sheikh and Sir Jim withdraw bids after deadline changed

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