Qatar pulls out of Manchester United acquisition race
The Qatari royal and banker had bid 5 billion pounds ($6 billion) for the British soccer club but further talks last week have broken down, the BBC reported Sunday.
Qatari royal and banker Sheikh Jassim bin Hamad Al Thani has withdrawn his offer to buy the Manchester United soccer club, according to reports.
Sheikh Jassim, chairman of Qatar Islamic Bank and the son of a former Qatari prime minister, had bid 5 billion pound sterling ($6 billion) for the British soccer club but further talks last week have broken down, the BBC reported Sunday.
The Qatari royal was understood to offer all cash and to repay all of the club’s old debt. The deal would have also included more than 1.4 billion pounds ($1.7 billion) in financing a new stadium, a new training center and for local community regeneration projects.
Jim Ratcliffe, one of Britain's richest men and CEO of petrochemical company INEOS, has also put in an offer to acquire some of the club. But unlike Sheikh Jassim’s offer, which was a total buyout of the team, it is only for a minority stake in the club.
