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Sheikh Jassim bin Hamad al-Thani | Manchester World
Sheikh Jassim bin Hamad al-Thani could theoretically make a new attempt to buy Man Utd.
Sheikh Jassim bin Hamad al-Thani reportedly has 'zero interest' in submitting a new takeover bid for Manchester United after a legal clause was activated that would make it easier to do so.
It is understood Sheikh Jassim and the Nine Two Foundation made a £4.79billion offer to buy Manchester United outright from the Glazer family during the initial takeover process. However, U.S. Securities and Exchange Commission (SEC) filings released last year claimed the Qatari failed to provide sufficient proof of funds before he eventually withdrew from the process.
His withdrawal led to the Glazers accepting an offer from Jim Ratcliffe to buy a quarter of the club's shares for £1.25billion, which valued the club at the £5bn mark.
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A new report from the Daily Mail revealed the Glazers can now hypothetically complete a full sale of United - including Ratcliffe’s shares - without his permission to do so. That is because a 'drag-along' right has come into effect, 18 months after their minority investment.
These drag-along rules exist to make it easier for a company to be sold by preventing situations in which a minority shareholder can block a deal that those who hold the majority want to go through. In short, it means that if the majority owners, the Glazers, wanted to sell United, then Ratcliffe would be unable to stand in their way.
That doesn't mean it will happen, though. Not only is Sheikh Jassim focused on other ‘mega projects’ such as trying to win the 2036 Olympic bid, it is understood the Glazer family are happy with the current ownership structure and enjoy a good relationship with Ratcliffe. The report claim it 'hasn't gone unnoticed' that Ineos now take a lot of the criticism aimed at the club and have taken some of the spotlight away from the US family.
It marks a turnaround in events after the Daily Mail previously claimed Sheikh Jassim was still very much interested in any investment opportunity and dreams of owning the team he supposedly supports. "He is still a United fan. He is not going to rush off and try another Premier League club," a Qatari advisor told them. "If the opportunity to buy the whole of Manchester United arose again at some point in the future, it is hard to see there not being a big level of interest. The plans are still there."
It must be stressed that these claims should be taken with a pinch of salt, given that he could not provide proof of his funds during the initial process.
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