The results of Manchester United’s protracted takeover process were finally announced late last year, with Sir Jim Ratcliffe set to become the new minority shareholder.
The British billionaire was competing with Sheikh Sheikh Jassim Bin Hamad Al-Thani to gain majority control but it seemed that the Glazers were never in a mood to sell.
Ratcliffe, in a bid to end the impasse, forged ahead with his minority stake offer and after months of negotiation which involved delays and threats of leaving the deal, was able to seal a 25 per cent stake and full sporing control.
Qatari offer did not include proof of funds
On Wednesday, news broke that the Qatari prince’s offer was far less than what social media had everyone believe with Nine Two Foundation failing to provide “customary financing commitment letters” throughout while there was no mention of pledged investment.
🚨 Breaking: Sheikh Jassim's bid team are now seeking a "corrective statement" from #MUFC's SEC Filing.
🗣️ Source close to Jassim's bid team: "The filing – which is made by MU Plc unilaterally without consulting or having to verify with other parties – refrains from disclosing… pic.twitter.com/e3Qfxvyh2y
— Ben Jacobs (@JacobsBen) January 17, 2024
The media was split between one group claiming Sheikh Jassim had put in the best offer while another group had claimed that the investment was far less than the noise surrounding it.
United’s filing had also claimed that the Sheikh had rejected advice to amend his offer before walking away in October.
Now, Sheikh Jassim has roared back with Ben Jacobs claiming on X (formerly Twitter) that the Qatari bidder is “seeking a ‘corrective statement’ from Manchester United’s SEC Filing.”
Sources close to the Qatari camp refute the fact proof of funds was not provided.
Sheikh Jassim responds
“The filing – which is made by MU Plc unilaterally without consulting or having to verify with other parties – refrains from disclosing the most basic and irrefutable facts, both about the financial guarantees given and the level of offers made, all of which are fully documented.
“Enquiries are being made with the SEC as to a corrective statement of fact.
“It is also curious to note the widespread media reporting of the inflated level of the other competing bid at the time, and how that stacks up to reality today.”
Sheikh Jassim was reportedly interested in 100 per cent of the club but the Glazers’ unrealistic valuation led to them leaving the process.