Qatar's Sheikh Jassim in 'holding pattern' with news of bid to buy Man United premature

Sheikh Jassim bin Hamad Al Thani's camp have sought to limit expectations that a deal to buy Manchester United had been successful and an announcement was imminent after a newspaper reported on Monday that the Qatari banker had beaten rival Sir Jim Ratcliffe to purchase the club. Sources close to the Qatari royal say claims made Monday by Al-Watan newspaper were premature, and that they remain in a “holding pattern” while the United board consider both bids. Al-Watan set pulses racing that Sheikh Jassim had been chosen as United's preferred bid. Fahed Al Emadi, the editor of Qatari-based newspaper, tweeted: “All the news received indicates the success of Sheikh Jassim bin Hamad bin Jassim’s acquisition of Manchester United, and the announcement of the deal will be very soon.” His tweet followed another from the outlet’s official account which stated that Sheikh Jassim had won the race to buy the English giants. Al Emadi rowed back on those claims Tuesday, though, claiming that Al-Watan's story was based on international media reports while also denying that the newspaper was owned by Sheikh Hamad bin Jassim bin Jaber Al Thani, the former Prime Minister of Qatar and Sheikh Jassim's father. He tweeted: “Contrary to certain media and social media reports overnight, Al Watan is not owned by Hamad bin Jassim bin Jaber Al Thani, and Al Watan's media report yesterday speculating about possible movement in the Manchester United takeover process was based on international media reports, as stated in the article itself, and with such news widely circulating periodically in international media for many months.” Sheikh Jassim has been locked in a bidding war with British billionaire Sir Jim Ratcliffe for control of ownership of the Premier League giants. The chairman of Qatar Islamic Bank last week submitted a fifth and final offer – which is for 100 per cent of the club – to buy the 20-time English champions. Ratcliffe, the chief of Ineos group and a boyhood United fan , had wanted to purchase around 60 per cent of the club. His offer comes with a proposal that would allow the Glazers, the deeply unpopular American owners of United, to remain for a set time period ahead of a sourced buyout. The National understands that Ratcliffe is currently trekking in Mongolia, but has been told by sources that the Ineos founder does not expect a decision on whether their bid has been successful until the end of this week. United have declined to comment on the recent reports. Shares of Manchester United jumped 13 per cent to hit a two-month high on Tuesday after reports that Sheikh Jassim was the front-runner to purchase the club. New York-listed shares of Manchester United were trading at $23.07, after rising as much as 30 per cent before the opening bell. The stock has risen 53 per cent since the club's owners, the American Glazer family, said in November they were considering selling the club. The Glazer family is reportedly seeking £6 billion ($7.5 billion), which would be a world record for any sports club or franchise, but The National understands that neither bid is that high. While the financials have not been disclosed, UK media reports say Sheikh Jassim's final bid submitted on June 7 was £5 billion for total control of United. The offer includes clearing a £1 billion debt and a fund solely for the club and surrounding community. The prospect of being brought by Sheikh Jassim or Ratcliffe has divided the United fan base, though there is unanimity in wanting the Glazers to go. The Glazers bought United in a £790 million ($938.9 million) leveraged buyout, that saddled the club with mountains of debt, and had been unpopular with fans even before last year’s move to join a breakaway European Super League. Manchester United have brought in The Raine Group to assess offers.

Qatar's Sheikh Jassim in 'holding pattern' with news of bid to buy Man United premature

'Al-Watan' newspaper clarifies report that Qatari royal had won the race to buy the Premier League giants ahead of Sir Jim Ratcliffe