{"id":140603,"date":"2024-01-18T14:08:36","date_gmt":"2024-01-18T14:08:36","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/18\/the-truth-behind-sheikh-jassims-failed-man-utd-takeover-bid\/"},"modified":"2024-01-18T14:08:36","modified_gmt":"2024-01-18T14:08:36","slug":"the-truth-behind-sheikh-jassims-failed-man-utd-takeover-bid","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/18\/the-truth-behind-sheikh-jassims-failed-man-utd-takeover-bid\/","title":{"rendered":"The truth behind Sheikh Jassim\u2019s failed Man Utd takeover bid \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>The Manchester United takeover bid fronted by Qatari banker Sheikh Jassim never provided proof of funds over the course of several proposals, an official filing document has revealed.<\/strong><\/p>\n<p>Wednesday\u2019s filing from the United States Securities and Exchange Commission, summarising the process in great deal, confirms that Raine Group \u201ccontacted, or was contacted by, over 170 potential strategic and financial counterparties (including family offices and high net worth individuals) to gauge their respective interest in various potential strategic transactions with Manchester United, including a full purchase of\u00a0Manchester United\u00a0and\/or a significant capital investment.\u201d<\/p>\n<p>Of those, the club entered into nondisclosure agreements with 26, before eight potential bidders \u2013 including Sheikh Jassim and Sir Jim Ratcliffe progressed to the next stage of the process for the Glazer family to consider \u201cstrategic alternatives\u201d first outlined in a statement in November 2022.<\/p>\n<p>Sheikh Jassim proved a divisive figure among fans. Many pointed to the potential wealth that could be injected into the club and the on-field success it could translate to as at Manchester City. Others felt uneasy about the moral implications of having close ties with a country where human rights are a regular cause for international concern and homosexuality remains illegal.<\/p>\n<p>The Qatari bid had a vocal PR machine that at one stage led the world to believe a takeover was close to being agreed. In reality, it was nothing but. The SEC document notes throughout its tracking of the process, the repeated failure to include \u201ccustomary financing commitment letters\u201d with any bid.<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/01\/01hmcdzyp2xk4tfktje3.jpg\" alt=\"\" title=\"Sir Jim Ratcliffe eventually secured a 25% investment deal\"\/><\/figure>\n<p>Sir Jim Ratcliffe eventually secured a 25% investment deal \/ VALERY HACHE\/GettyImages<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p>In May 2023, \u201cthe Board of Directors requested that the representatives of Manchester United continue to seek improved value for the shareholders and require Bidder A to provide sufficient evidence of its sources of financing that would be required to consummate such a transaction.\u201d<\/p>\n<p>Covering the period from August until early October, it was again stated: \u201c\u2026the Board of Directors would require sufficient evidence of the financing and customary financing commitment papers.\u201d<\/p>\n<p>As Ratcliffe, himself unsuccessful with several earlier proposals, moved closer to striking an agreement, Sheikh Jassim and the Qatari bid withdrew from the process.<\/p>\n<p>The deal with Ratcliffe and his firm, INEOS, will soon be ratified, with the British billionaire also set to take over sporting operations at Old Trafford in a bid to restore the club\u2019s glory days. Although he settled for a smaller initial stake than intended,\u00a0a full takeover remains the long-term plan.<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Manchester United takeover bid fronted by Qatari banker Sheikh Jassim never provided proof of funds over the course of several proposals, an official filing document has revealed. Wednesday\u2019s filing from the United States Securities and Exchange Commission, summarising the process in great deal, confirms that Raine Group \u201ccontacted, or was contacted by, over 170 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":140604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-140603","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The truth behind Sheikh Jassim\u2019s failed Man Utd takeover bid \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/18\/the-truth-behind-sheikh-jassims-failed-man-utd-takeover-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The truth behind Sheikh Jassim\u2019s failed Man Utd takeover bid \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Manchester United takeover bid fronted by Qatari banker Sheikh Jassim never provided proof of funds over the course of several proposals, an official filing document has revealed. 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