- A Qatari group failed to complete a £4.5billion takeover of United last year
- They have no interest in renewing their bid despite the potential cheaper price
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The Qatari group which failed to complete a £4.5billion takeover of Manchester United is not reviving its interest – despite a terrible season for the club which has seen its share price plummet.
Mail Sport revealed that the Doha-based outfit, led by Sheikh Jassim bin Hamad al-Thani, had joined the hunt to buy the turmoiled Premier League giants after owners the Glazer family announced they were open to selling in November 2022.
However, following a protracted process the group eventually lost out to a bid for a minority share from petrochemicals billionaire Sir Jim Ratcliffe, which valued the club higher.
Since that deal was completed last January, United have continued to underperform, aside from a shock FA Cup Final victory.
Defeat in the Europa League Final on Wednesday under manager Ruben Amorim means they will end the season trophyless and a maximum of two places above the relegation zone.
At a time of widespread cost-cutting and redundancies, overseen by Ratcliffe’s INEOS group, it also means that in a further, heavy financial hit there will be no European football at Old Trafford next season.
The Qatar group – led by Sheikh Jassim bin Hamad al-Thani – who bid to buy Manchester United will not renew their interest
The group had tried to complete a £4.5billion bid to buy United before Sir Jim Ratcliffe became involved with the club
United’s share price has plummeted by more than 17 per cent year on year as the value of the club continues to drop
United’s share price is down more than 17 per cent year on year and speculation has been rife that the Qataris, against such a backdrop, may feel emboldened to launch a new bid.
However, Mail Sport understands that there is currently little chance of that happening and little appetite for such a move given how the process played out with the Glazer family.
To add to the matter, INEOS are thought to have no intention of walking away from the club following the amount of work they have already carried out to change its direction.
Fans are set to protest at today’s season-ending fixture with Aston Villa, with the Glazers – who saddled the club with debt following their leveraged buyout in 2005 – coming in for the most criticism.
Last year, revealed details of ‘Project Ruby’, the Qataris’ grand plan to restore United to the top.
It included proposals for a new stadium and a rebuild fuelled by vast wealth and a mix of United legends and some of sport’s leading execs.
