The Red Revolution: Glazers Finally Approves Sheikh Jassim’s Bid for Manchester United

2 min read
The Red Revolution: Glazers Finally Approves Sheikh Jassim's Bid for Manchester United

Qatari banker Sheikh Jassim’s bid of £6 billion to buy Manchester United has reportedly been accepted by the Glazer family, and the process of due diligence has begun, according to reports.

The discussions about the takeover have extended for nine months, starting from when the Glazers first confirmed in November of the previous year that they were considering various options.

As of the latter part of the last season, the bidding procedure was narrowed down to a direct competition between Qatari-backed Sheikh Jassim and Ineos founder Sir Jim Ratcliffe.

Over time, the Glazer siblings have been evaluating the two offers. Ratcliffe’s proposal was favored by Joel and Avram as it allowed them to maintain their shares.

The Red Revolution: Glazers Finally Approves Sheikh Jassim's Bid for Manchester United

Despite passing several deadlines, Sheikh Jassim kept increasing his bid. The Sun has now reported that the Glazers have eventually reached a consensus and are ready to completely sell the club.

The report suggests that influential figures at Old Trafford cautioned the Glazers that retaining any shares could lead to significant backlash from supporters. However, Avram and Joel seem to have relented, indicating an end to their controversial 18-year tenure at Old Trafford.

Sheikh Jassim intends to acquire 100 percent ownership of the club and also eliminate the substantial debt of £725 million that accumulated during the Glazers’ ownership of United.

Currently, Sheikh Jassim’s team is in the process of conducting due diligence on the club. The completion of the takeover is expected around mid-October.

Apart from conducting their own evaluation, the Qatari bid will also need to pass the Premier League’s Owners’ and Directors’ test, also known as the Fit and Proper Persons’ test, before it can be approved.

The Red Revolution: Glazers Finally Approves Sheikh Jassim's Bid for Manchester United

Although the deal won’t be concluded in time for United to make transfers before the end of the current window, Sheikh Jassim plans to upgrade both Old Trafford and the Carrington training ground.

READ ALSO  Newcastle Ball Boy Denies Mohammed Kudus' Trademark Celebration in a 7-Goal Thriller Game

Both the Qatari and Ineos bids have been restrained from providing updates or comments due to non-disclosure agreements (NDAs) signed during the process.

In a rare interview in early July, Ratcliffe hinted that Sheikh Jassim wouldn’t have an unlimited budget, stating: “You can only spend the money that you receive.

About The Author

Leave a Reply

Your email address will not be published. Required fields are marked *