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Qatar’s Sheikh Jassim wins bid for Premier League club, says report

Sheikh Jassim was bidding for the Premier League against British billionaire Sir Jim Ratcliffe.

The Chairman of Qatar Islamic Bank made his 5th and final offer to purchase the 20-time English champions last week.

Sources reveal that Man Utd’s current owners, the Glazers, have chosen Sheikh Jassim’s bid as their preferred option, according to Al-Watan newspaper.

Al-Watan further announced on Twitter that the takeover bid was a “success,” with an official announcement expected soon.

 

Qatar’s bid for Man Utd

While the exact valuation details have not yet been disclosed, a report by UK’s The Guardian said that Sheikh Jassim’s final bid, submitted on June 7, amounted to £5.5 billion.

This offer includes the clearance of a £1 billion debt, along with the establishment of a dedicated fund for the club and its surrounding community, the report said.

Sir Jim Ratcliffe, the head of Ineos group and a devoted Man Utd supporter since childhood, had aspired to acquire approximately 60 percent ownership of the club.

His proposal included a provision allowing the Glazers to retain their positions for a defined period before a planned buyout.

The Glazer family had initially valued the club at £6 billion when it was put up for sale.

Al-Watan’s report indicating an imminent decision by the Glazers will finally bring an end to one of the most extended takeover in recent football history.

In November, the US-based Glazer announced that the board was exploring various strategic alternatives for the future, including a potential complete sale of the club.

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