Qatari banker Sheikh Jassim Bin Hamad Al Thani has decided to withdraw his bid to acquire Manchester United, as reported by the BBC.
Approximately a year ago, Manchester United’s board began exploring various strategic options to foster the club’s growth, which included the possibility of a complete sale.
Sheikh Jassim and British billionaire Jim Ratcliffe emerged as the leading contenders after multiple rounds of bidding earlier this year.
However, the progress in this process has come to a standstill in recent months, despite mounting discontent among the fans directed at the current owners, the Glazer family.
The Glazers, who have owned the English football giant since a leveraged takeover in 2005 for £790 million ($961 million), significantly burdening the club with substantial debts.
Recent figures in March revealed that Manchester United’s debts have escalated to £970 million.
Nevertheless, the Glazers are reportedly holding out for an unprecedented sum in excess of £6 billion, which would constitute a world record fee for a football club.
Sheikh Jassim’s bid aimed to secure full control of Manchester United while promising to eliminate the club’s debt.
In contrast, Ratcliffe is purportedly open to acquiring a smaller stake in the club as a potential solution to break the ownership deadlock of the 20-time English champions.
Manchester United’s on-field performance has also diminished during the Glazers’ ownership.
The club has not clinched the Premier League title since the retirement of former manager Alex Ferguson in 2013, and their last UEFA Champions League victory dates back to 2008.
Currently, the team is positioned in 10th place in the Premier League and has experienced an unprecedented setback by losing their first two matches in the Champions League group stage, marking a historic downturn for the club
