Sheikh Jassim has received a huge boost to his hopes of buying Manchester United as the Glazer family are finally on the same page regarding the club’s sale.
There had been concerns that the family disagreed over the sale of the Premier League giants with Avram and Joel believed to be at odds with their siblings due to their closer connection to the club although there is now believed to be unity regarding the sale.
Qatari businessman Sheikh Jassim is bidding for the club alongside Britain’s richest man Sir Jim Ratcliffe, who had previously been tipped as favourite with his strategy of buying United. The INEOS chief’s offer would see him take a controlling interest in the club and allow current owners Joel and Avram Glazer to temporarily retain a 20% stake in United.
Both the frontrunners recently submitted more bids, with Sheikh Jassim proposing a complete buyout of United. Earlier this month, he tabled an improved fifth bid for United. Should the Qatari businessman be successful, the Glazers would exit Old Trafford immediately.
At least two of the six Glazer siblings – Joel and Avram – are understood to have preferred an option which would see an outside investor buy a stake in the club to help finance huge capital projects like the redevelopment of the Old Trafford stadium and Carrington training ground. However, a change of ownership is now the likely outcome.
That logistically appears to favour the Qatari bid as their intention was always for a full sale of the club this summer with no intermediary period or split control in an interim. It is not a decisive development, but it should hasten a process which has now lasted over seven months and spanning over 200 days.
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Several US investment companies – Elliott Management, the Carlyle Group and Ares Management – are proposing minority investment into the club, which would see the Glazers remain in position at the head of United but with extra spending power available. Yet that is now viewed as unlikely.
The Glazers are deeply unpopular among supporters after their leveraged buyout in 2005 saddled the club with enormous debts, while on the field the Red Devils having gone a decade without winning the Premier League title. United fans want the Glazers to relinquish the club in its entirety.
