Manchester United takeover: Sheikh Jassim makes final bid and will walk away if it isn’t accepted

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Qatar’s Sheikh Jassim has made his final bid for Manchester United and will walk away from the takeover process if it isn’t accepted.  

MarketWatch has learned that Sheikh Jassim submitted his fifth and final bid for Manchester United this week. As before, the bid is for 100% of the club, will clear Manchester United’s debt and has separate additional funding purely for the club’s ongoing player, infrastructure and other investment needs.

The Guardian reports that Sheikh Jassim’s offer is no more than $7.5 billion.

Sheikh Jassim will no longer engage with the takeover process after Friday if this latest improved bid is not accepted, MarketWatch has learned. The ultimatum effectively places the ball in the court of the Florida-based Glazer family, which owns Manchester United.

Manchester United declined to comment on this story. Shares of operator Manchester United Ltd.
MANU,
-1.24%

fell 1.7% Thursday, after ending Wednesday’s session up 2.9%.

RelatedManchester United’s stock slips as takeover saga rumbles on

Sheikh Jassim, the chair of Qatar Islamic Bank and the son of a past prime minister of Qatar, entered the Manchester United takeover race in February 2023.

This is a crucial juncture for Manchester United, with the Premier League transfer window for signing new players set to open on June 14 and close on Sept. 1. Fans are eager to see how any takeover developments will affect Manchester United’s ability to make key player signings. MarketWatch has learned that Sheikh Jassim wants to see his bid accepted before the transfer window opens.

The protracted takeover battle for the iconic English soccer club is now in its eighth month. Sheikh Jassim and Jim Ratcliffe, the chief executive of the chemical giant Ineos, have made rival bids for Manchester United.

The Glazer family took control of Manchester United in 2005. In November, they confirmed they were exploring potential financial investment in, or an outright sale of, the Premier League club.

The Glazers have come under intense pressure to sell Manchester United amid ongoing fan frustration over what is seen as underperformance. The club, one of the biggest names in world football, last won the Premier League in 2013. In 2021, the Glazers faced major backlash from fans over the team’s planned involvement in the controversial European Super League.

Related: As Manchester United takeover saga continues, Brera Holdings makes strategic investment

The club did clinch its first silverware in six years earlier this year, with a 2-0 defeat of Newcastle United in the League Cup final.

On Saturday, Manchester United took on Premier League champion Manchester City in the FA Cup final, the traditional finale of the English soccer season. Manchester City ran out 2-1 winners against its local rival.

Manchester United co-owner Avram Glazer did not respond to questions about a potential takeover from Sky Sports at the FA Cup final.

With the takeover battle apparently entering an important phase, other investors are also weighing in on the club’s future direction.

Earlier this week, Dublin, Ireland-based Brera Holdings PLC
BREA,
-3.47%

made a strategic investment in Manchester United. Starting last week, Brera began purchasing Manchester United shares on the open market, and its stake now exceeds $100,000. The Irish company also invited Manchester United’s board to a briefing on what it describes as its “social-impact football” business model. 

From the archives (May 2023): Manchester United stock jumps on improved Sheikh Jassim offer

Dan McClory, Brera Holdings’ executive chair, told MarketWatch that the company is keen to share its expertise in soccer outreach with the club and its owners. These initiatives have involved projects focused on people in prison, immigrants and marginalized communities such as the Roma people. “What we could bring, with all the social-impact projects and initiatives, will be a useful tool,” he said.

Brera Holdings owns Italian amateur team Brera FC, which made headlines in 2004 when it entered a team made up of detainees from a Milan prison in Italy’s Terza Categoria amateur league. U.S. businessman Chris Gardner, who was portrayed by Will Smith in the Hollywood movie “The Pursuit of Happyness,” is a member of Brera Holdings’ board.



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