Sheikh Jassim pulled out of the race to buy Manchester United last weekend after his final bid was rejected by the Glazer family.
His final offer was tabled at around £5 billion, with a further £1.7 billion pledged to invest in Manchester United, but this was ultimately withdrawn by Sheikh Jassim after the Glazer family explained they had no plans to accept the offer.
This has led to Sir Jim Ratcliffe having a bid for 25% of the club provisionally accepted, with the Old Trafford board due to vote on and ratify the offer on Thursday – there are not expected to be any issues.
While Sheikh Jassim was the favourite for a long while, it has now been revealed that he made one huge mistake right at the beginning of the process that angered the Glazers, and his attempt at buying the club never recovered.
According to the Daily Mail, right at the beginning of the process, the Qatari group made an opening statement of their intent to restore Manchester United to its “former glories”.
This did not go down well with the Glazer family. The bidding process was under non-disclosure agreements, and after this statement, Raine Group, who were handling the process, sent a message to all those involved that they must keep their “mouths shut”.
It can be easily theorised that the Glazer family interpreted this statement as a criticism of their running of the club, which has seen Old Trafford lose significant amounts of credibility on the European stage as a powerhouse football club.
Essentially, Shiekh Jassim had disobeyed the rules initially set out by the Glazer family by releasing a statement criticising them which immediately landed his bid in hot water. He was on the back foot from minute one.
Sir Jim Ratcliffe, on the other hand, played by the rules and ultimately got his stake in the club.
Although it is a minority one for now, it is expected that INEOS will use this as a platform to eventually form a full takeover of all the Glazers’ shares – the 25% already includes complete control of sporting directives at the club, with Ratcliffe keen to add key INEOS Sports figures to the board.
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