Sheikh Jassim bin Hamad al-Thani failed in his attempt to buy MU from the Glazer family because he could not prove he had enough cash.
According to new documents filed with the US Securities and Exchange Commission (SEC), Sheikh Jassim did not respond to the club’s request to provide its funds. Man United asked Sheikh Jassim to submit a “customary financial commitment letter”, but his increased offers were not accompanied by enough documents required by the club. The Old Trafford team then issued an ultimatum requesting documents and the Middle Eastern businessman decided to withdraw.
Sheikh Jassim was beaten by Jim Ratcliffe in the bid to buy the Red Devils. The British billionaire bought 25% of the club’s shares at the end of December, after setting a deadline for MU’s answer around Christmas. The deal is worth a total of $1.64 billion (£1.3 billion).
However, recent documents also revealed that the Glazer family could still force Ratcliffe to leave the club 18 months after the sale was approved in February. After that period, the Glazers can still find a way to sell all of the Red Devils shares and then Ratcliffe will have to give up his shares in return for the money he paid.
United will look to strengthen Erik ten Hag’s squad in the January transfer window as they look to establish themselves as a force in the Premier League again. However, they will have to consult with Ratcliffe over any transfer activity although his deal with the Red Devils will not be officially confirmed until February 13.
