The Glazer family, owners of Manchester United, declined to sell the club to Sheikh Jassim bin Hamad al-Thani, citing doubts about the Qatari billionaire’s ability to demonstrate adequate funds for the purchase. Sheikh Jassim, chairman of Qatar Islamic Bank, was among the leading candidates to acquire the club alongside Sir Jim Ratcliffe after the Glazers initiated a ‘strategic review process’ to sell the club in November 2022.
While Ratcliffe announced a minority takeover of the club, acquiring 29% for £1.3 billion on Christmas Eve 2023, Sheikh Jassim’s group aimed to buy the entire club by purchasing out all shareholders. Reports indicate he made five separate offers for the Premier League team, all of which were turned down.
He withdrew from the bidding process in October 2023 due to frustration over the lengthy procedures involved. Nonetheless, Sheikh Jassim’s aspiration to own the club has resurfaced, as the Daily Mail noted that he still harbors hopes of acquiring the team he is believed to support. However, Avram Glazer has clearly expressed that he is not interested in selling the club at this time.
When Sheikh Jassim initially sought to purchase the club, documents presented to U.S. authorities indicated that he did not convince the Glazers of his consortium’s financial capability for the deal. Reports suggest that the Glazers offered him the chance to buy the club in a $5.76 billion (£4.55 billion) deal in May 2023. His ultimate offer for the club reached £5.5 billion but fell short of the Glazers’ target of £6 billion.
A Qatari businessman expressed his desire to acquire the entire club, promising an additional £1 billion for either renovating Old Trafford or constructing a brand-new stadium, along with enhancements to United’s training facilities. His proposal sparked concerns regarding how he intended to finance the acquisition.
Sheikh Jassim’s representatives consistently asserted that he would independently secure the funds and firmly dismissed speculation that he was acting as a front for a bid backed by the Qatari government, which has a sovereign wealth fund managing assets valued at £415.9 billion, as reported by the Financial Times. Furthermore, documents from the US Securities and Exchange Commission (SEC), released in January 2024, indicated that Sheikh Jassim had repeatedly failed to disclose the origins of his funds.
The filings also suggested that Jassim’s chances of acquiring the club were slim, as he did not provide the customary financing commitment letters, a requirement mentioned in the Schedule 14D-9 filing, which outlines a company’s response to an acquisition proposal.
In a recent statement, Avram Glazer strongly denied that he is contemplating the sale of the Red Devils, despite Sheikh Jassim’s rumored renewed interest. When asked by a Sky News reporter if he was open to a complete sale, Glazer replied, “No.”
The second quarter financial results for United were made public on February 19, revealing disheartening news for supporters. The report disclosed that the net debt incurred since the Glazers purchased the club in 2005 had exceeded £1 billion.
The Q2 financial results also indicated the club suffered a loss of £27.7 million for the three-month period ending December 2024, with total revenue amounting to £198.7 million, significantly lower than the £225.8 million reported the previous year. Additionally, it outlined a net finance cost of £37.6 million, reflecting interest payments on the club’s debt, which raised the cumulative interest paid to the Glazers to over £1 billion, as noted by finance expert Kieran Maguire.
During this time, United also compensated the terminated manager Erik ten Hag with £10.4 million, while the ousted sporting director Dan Ashworth received £4 million.