Qatari banker Sheikh Jassim Bin Hamad Al Thani is poised to finalize the Manchester United takeover by mid-October after the Glazers family accepted his £6 billion offer.
Since last November, when the Glazers revealed plans to explore alternatives for United, Sheikh Jassim has been in a competitive race with INEOS billionaire Sir Jim Ratcliffe for control of Old Trafford.
The Glazers acquired Man United for £790 million in 2005 and stand to make a substantial profit on their initial investment. Although they initially wanted to retain partial ownership, concerns of potential fan backlash led them to agree to transfer 100% ownership.
If all goes as planned, the October completion will mark the end of a year-long saga since the Glazers put the club on the market in November 2022.
The publication mentioned:
“A date is penciled in, and an announcement [declaring Sheikh Jassim as the victor] could come next month.
“Sheikh Jassim’s team is finalizing their due diligence on the club as they end the 18-year reign of the disliked Glazers,
“The Glazers aimed to retain shares but were cautioned by senior Old Trafford figures about potential fan backlash.”
Alongside their due diligence, the Qatari team must pass the Premier League’s Owners’ and Directors’ test, also known as the Fit and Proper Persons’ test, to complete the deal.
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