Sheikh Jassim proposes to wipe away Manchester United’s $670mn debt in final bid

Sheikh Jassim’s offer includes a proposal to wipe away the £$669.2 million that United has leveraged. If Ratcliffe’s offer is accepted, it is believed that his petrochemicals company INEOS will take on and manage the debt.

In a last-ditch effort to acquire Manchester United, Qatari billionaire Sheikh Jassim Bin Hamad Al Thani has made a final proposal, attempting to outbid British businessman Sir Jim Ratcliffe.

The move comes amid heightened tension as the fate of Manchester United’s ownership hangs in the balance.

As reported by the Daily Mail, Sheikh Jassim’s bid comes as the final, uncompromising proposal to purchase 100% of the club. This strategic move aims to steer the Glazers’ decision away from Ratcliffe, who was previously considered the favoured bidder.

Ratcliffe’s interest in the club became apparent last week when he offered a majority takeover after the last bidding round. However, Sheikh Jassim has countered with an enhanced bid to sway the club’s owners.

The Qatari billionaire’s proposal, however, is believed to be lower in monetary value than Ratcliffe’s bid.

The latter, a Lancashire native, hasn’t proposed full ownership but rather a majority stake that permits the Glazers to retain partial ownership before an eventual complete buyout. The structure of Ratcliffe’s proposal potentially places a higher valuation on the club.

Sheikh Jassim’s offer also carries a noteworthy proposition to erase the club’s debt, currently standing at £536 million ($669.2m). If Ratcliffe’s bid proves victorious, the debt would be managed by his petrochemicals company, INEOS.

Despite the expectation of a preferred bidder being named last week, negotiations are reportedly still ongoing with all parties involved.

With the end of the season fast approaching, the pressure intensifies for a conclusion to the United’s takeover saga.

The upcoming summer transfer window poses additional challenges, as both the men’s and women’s teams face significant decisions concerning their rosters.

The ball now seems to be in Ratcliffe’s court. Whether he will further improve his offer in response to Sheikh Jassim’s last-minute bid remains to be seen.