Manchester United’s recent filing to the US Securities and Exchange Commission (SEC) was released on Wednesday and it contained explosive details about the process that has seen Sir Jim Ratcliffe emerge as co-owner in charge of the club’s football operations.
Not only has that left Qatari banker Sheikh Jassim bin Hamad al-Thani with egg on his face, we now have more reason to believe there was doubts about the seriousness of his bid to take over.
Throughout the strategic review, the SEC filing highlights the concern regarding Sheikh Jassim’s proposal to buy all of the shares. Despite requests, the Qatari billionaire refused to provide copies of financing commitment letters.
Sheikh Jassim is referred to as “Bidder A” in the documents released on Wednesday.
However, it is believed that Sheikh Jassim’s bid team are unhappy about claims made in the SEG filing. They initially wanted a corrective statement on the matter.
Sky Sports have shed further light on the situation and Kaveh Solhekol claims that Sheikh Jassim is “taking legal advice” in the USA after suggestions he did not provide sufficient proof of funds, as per Sky Sports.
“The Qataris insist their cash bid was fully funded. Their view is that a deal did not materialise because they refused to overpay more than they believed they were already overpaying for a club whose current makes cap is £2.6bn.
“They believe a misleading impression has been created which does not reflect the fact that they made a series of authentic, credible and fully funded bids to buy the club.
“The Qataris believe there is no way the Glazers would have negotiated personally with them for almost a year if there was ever any question about proof of funds.”
The race may be over as far as Qatar is concerned, but they seem to be dying on the sword that the SEG filing contains misleading information. I wouldn’t trust a word they say.
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