Sheikh Jassim bin Hamad Al Thani, a wealthy Qatari banker, has decided to back out of his attempt to buy Manchester United, according to reports from BBC Sport.
Sheikh Jassim had offered a staggering £5 billion to purchase the football club, but recent negotiations have hit a roadblock.
The Glazer family, who originally bought Manchester United for a much lower price of £790 million back in 2005, hinted at the possibility of selling the club in November 2022.
A British businessman named Sir Jim Ratcliffe, along with his Ineos Group, also showed interest in acquiring the club.
Despite all the excitement surrounding the potential sale, only two offers were ultimately made: one from Ineos and the other from Sheikh Jassim, both amounting to a jaw-dropping £5 billion.
Sheikh Jassim’s team had consistently stated that their goal was to own the entire club.
At the same time, passionate Manchester United fans voiced their dissatisfaction with the Glazer family through protests both at and outside Old Trafford.
On the field, Manchester United’s performance had been disappointing, with the team sitting in 10th place in the Premier League after losing four of their first eight matches. They also suffered defeats in their first two Champions League games.
Reports indicated that Sheikh Jassim’s offer would have wiped out the club’s existing debts and provided over £1.4 billion for stadium improvements, new training facilities, player acquisitions, and community projects.
As of March, the club was burdened with a significant debt of £969.6 million, including various types of financial obligations.
Despite all these developments, no official statements have been made by any of the parties involved. The Glazer family, in particular, has remained silent since announcing their “strategic review” of Manchester United in November, which hinted at the possibility of a sale.
This situation has led to a whirlwind of rumors, including suggestions that the entire process had been halted, although these claims were strongly denied by sources.
Just recently, United’s CEO, Richard Arnold, offered a rather cryptic statement during a Fans Forum meeting, saying, “All I can say at this moment is the work is ongoing.”
Typically, Manchester United would have already released their financial results for the end of 2023. However, the release date remains unconfirmed, with no explanation for the delay.
Interestingly, despite not participating in the Champions League the previous season, Manchester United anticipated record-breaking revenues in June. Increased income from matchdays and commercial sources caused them to adjust their annual revenue projection from a range of £590-610 million to a remarkable £630-640 million, surpassing their previous record of £627.1 million in 2019.