Manchester United fans display banners in protest against the ownership of the club.
Credit: Reuters Photo
Qatar's Sheikh Jassim bin Hamad al Thani has informed the Glazer family that controls Manchester United Plc that he will not improve on his bid to acquire the iconic soccer club for more than $6 billion, people familiar with the matter said.
The move leaves the remaining bidder for Manchester United, Ineos chairman Jim Ratcliffe, in a stronger position to cut a deal. He has offered to buy only a 25 per cent stake in the club, allowing some of the Glazers to cash out, and it remains unclear whether he will clinch an agreement.
Jassim, who had also promised to invest more than $1.7 billion in Manchester United after he acquired it, still wants a deal but has informed the Glazer family that there is no point in remaining in the bidding process following nine months of unsuccessful negotiations, the sources said.
Jassim would not have used any debt to acquire Manchester United and his bid would have paid down the club's existing debt pile, the sources added.
The sources asked not to be identified because the matter is confidential. Representatives for Jassim declined to comment while Manchester United did not immediately respond to a request for comment. Sky News first reported that Jassim was withdrawing from the bidding process.