Sheikh Jassim wins race to buy Manchester United
Qatari billionaire Sheikh Jassim has won the race to buy Manchester United, with the board confident that his takeover bid will be completed by November.
The Qatari has submitted five bids for the Red Devils in an attempt to see off competition from British billionaire Sir Jim Radcliffe. While Radcliffe was merely seeking a working majority at the club that could have seen the Glazers remain as shareholders, Jassim wants 100% of the club.
What does Sheikh Jassim plan to do?
The Qatari has vowed to wipe United’s substantial debt and to invest in Old Trafford and the training ground. He has also promised to invest in the team, with the club’s transfer budget not likely to change substantially due to Financial Fair Play limitations.
Why have the Glazers been accused of dragging their heels?
The Glazers have been accused of dragging their heels in negotiations, given the club was put up for sale ten months ago. It’s sparked fears among supporters that the Americans want to remain at Old Trafford.
When is the takeover expected to be completed?
The Sun say Jassim has won the race and United expect him to be in charge in November. That will mark the one-year anniversary of the Glazers putting the club up for sale, and would mean the Americans have spent nearly 19 years at the club.
What has been the reaction from fans?
United fans were desperate for a takeover to be completed before the summer transfer window, but in reality the club’s transfer budget would not have changed substantially due to Financial Fair Play limitations. However, many are relieved that Sheikh Jassim has won the race and that the Glazers are set to leave Old Trafford.
What else do we know about Sheikh Jassim?
Sheikh Jassim is a Qatari banker and businessman who is part of the royal family in Qatar. He is a former president of Qatar Investment Authority, a sovereign wealth fund that manages Qatar’s investments abroad. He is also a former chairman of Qatar Airways, and is currently chairman of Qatar Investment Bank.
What has been the Glazers’ legacy at Manchester United?
The Americans have taken more than £1.2bn out of the club and invested just £180m of their own money to complete a £780m takeover in 2005. They have been criticised for their lack of investment in the team, and for their handling of the club’s finances.
Conclusion
Sheikh Jassim has won the race to buy Manchester United, with the board confident that his takeover bid will be completed by November. The Qatari has vowed to wipe United’s substantial debt and to invest in Old Trafford and the training ground. The Glazers have been accused of dragging their heels in negotiations, given the club was put up for sale ten months ago. United fans are relieved that Sheikh Jassim has won the race and that the Glazers are set to leave Old Trafford.