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Qatari bidder withdraws £5 Billion offer to buy Manchester United as ownership uncertainty persists

Posted : 14 October 2023
Qatari banker Sheikh Jassim bin Hamad Al Thani has withdrawn his £5 billion bid to buy Manchester United after further talks broke down. The Glazer family, who have owned the club since 2005, announced their intention to sell in November 2022.
 
British businessman Sir Jim Ratcliffe's Ineos Group, the other main bidder, was interested in a controlling stake. United supporters have been vocal about their desire for the Glazer family to sell the club, and this latest development raises questions about the club's ownership situation.
 
Sheikh Jassim's camp had intended to make a fully cash offer to clear United's old debt, with over £1.4 billion allocated for new stadium plans, training facilities, player acquisitions, and community regeneration projects. The Glazer family had initiated a "strategic review" around United's future, which led to speculation about a potential sale.
 
However, no public statements have been made by any party involved, and the uncertainty surrounding the club's ownership continues. The delay in the release of the club's 2023 financial results also raises questions about the current situation.
 
Despite being in 10th place in the Premier League and facing challenges in the Champions League, United had initially forecast record revenues for 2023. Their financial performance in terms of matchday and commercial revenue has been strong, indicating financial stability despite the ownership uncertainty.

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