Qatari politician, Sheikh Jassim Bin Hamad Al Thani, has won the Manchester United takeover race and will complete the £6 billion deal in October 2023.
British billionaire, Sir Jim Ratcliffe, has been in competition with the Qatari banker since the Glazer family announced it was open to selling United, and Sheikh Jassim has now come out on top.
The Glazers, according to The Sun (UK), were initially keen to retain holding shares at United but were warned by senior figures at the club of the potential for fan backlash, and have now agreed to hand over 100 per cent of the asset.
The takeover is expected to be finalised in mid-October while Sheikh Jassim and his team complete their due diligence, but an announcement could come as soon as next month, the paper adds.
The Glazers bought United for £790 million in 2005 and will make a huge profit on their original investment.
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Should everything go through as planned in October, it will put to bed a year-long saga after the Glazers put the Old Trafford club on the market in November 2022.
A club statement at the time read: “Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors is commencing a process to explore strategic alternatives for the club.
“The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
“As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.
“This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders.”
Sheikh Jassim has huge plans for United, including investing in and upgrading the club’s Old Trafford stadium and the Carrington training ground.
He was the Prime Minister of Qatar from April 3, 2007, to June 26, 2013, and Foreign Minister from January 11, 1992, to June 26, 2013.
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