Unreasonable Valuation, Sheikh Jassim Cancels Buying Manchaster United

Logo Manchaster United (Doc: MU)

JAKARTA There is the latest development from the plan to sell Manchaster United. Interest from Qatar, Sheikh Jassim bin Hamad Al Thani reportedly canceled buying MU after assuming the value or valuation set by the Glazer family did not make sense.

Last November, the Glazer family hinted at a willingness to hold discussions about club sales, and Sheikh Jassim was considered a favorite to complete the takeover in recent months.

However, reports from sportsmole reveal that Sheikh Jassim has now officially resigned as a potential buyer of the Red Devils. Journalist Ben Jacobs claims that the Qatar group offered more than five billion pounds for the 20-time British champions.

However, the offer was not enough to convince the Glazer family to sell it. Jacobs claims that Sheikh Jassim views the club's assessment, which is estimated to be close to six billion, as absurd.

Jacobs said, in addition to five billion pounds, Sheikh Jassim will allocate 1.4 billion pounds for Old Trafford renovations and improve training facilities. In addition, he is also ready to spend large funds on the purchase of new players.

Journalist Simon Stone revealed that Sheikh Jassim made the decision to withdraw their offer after further talks over the past few days. The first offer was made in February, while the final offer of more than five billion was allegedly not receiving a response from the Glazer family.

Sheikh Jassim is reportedly never interested in buying less than 100 percent of the club's shares, and there appears to be a split in the Glazer family against an offer from Qatar. Although still shrouded in uncertainty, Sheikh Jassim's resignation made Sir Jim Radcliffe the only potential buyer of MU shares.