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The Qatari Royal took offence to some of the language that Manchester United used in their recent reports of the bidding process
Sheikh Jassim bin Hamad Al Thani, a Qatari banker, is reportedly taking legal advice in the USA following claims that he did not provide proof of funds in his attempt to purchase Manchester United.
Manchester United’s statement on Sheikh Jassim’s bid
His bid, which was £4.5 billion debt-free, included a bank guarantee signed by the chief executive of Qatar National Bank, the largest financial institution in the Middle East and Africa. Despite this, the claims suggest that Manchester United and their shareholders were informed that proof of funds had not been provided, as per reports from Skysports.
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14:30 - 16.10.2023
FOOTBALL Manchester United sale: The ‘impossible’ transfer Sheikh Jassim was planning to pull off had he bought the Red Devils
Qatari billionaire Sheikh Jassim was targeting three world class players to improve Manchester United had he taken full control of the club
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11:53 - 15.10.2023
FOOTBALL ‘RIP Manchester United’ - Fans slam Glazer family after Qatari billionaire Sheikh Jassim pulls out of race to buy Red Devils
Manchester United supporters have voiced their displeasure at the Glazer family after frustrating efforts by Qatari billionaire Sheikh Jassim for complete control of the Premier League club
Jassim's team is apparently perplexed by the situation, especially considering that they had submitted a series of fully funded, authentic, and credible bids to buy the club, complete with protections around financial surety.
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They believe that the bids were fully and legally documented and submitted by the letter. The Qataris believe that a misleading impression has been created, one that does not reflect the true nature of their attempts to purchase the club.
Response from Sheikh Jassim's Team
In response to the situation, Sheikh Jassim's team is considering asking the US Securities and Exchange Commission to issue a statement to correct the record. They maintain that their cash bid was fully funded and that the refusal of their bid was not due to a lack of proof of funds but rather because they were not willing to overpay beyond their valuation of the club, as per Sport Mole
Further complicating matters, there were concerns raised in the SEC filings regarding the seriousness of Sheikh Jassim’s proposal. Despite requests, Sheikh Jassim reportedly did not provide copies of financing commitment letters. He is referred to as "Bidder A" in these documents, which highlight the strategic review process of his bid to buy all of the shares of Manchester United. It's noted that Sheikh Jassim and his team were informed that the Board of Directors of Manchester United required sufficient evidence of financing and customary financing commitment papers, which were not provided according to the filings.
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Ultimately, Sheikh Jassim withdrew his bid in October, paving the way for Sir Jim Ratcliffe to move forward with a minority investment in the club. This development is likely to receive approval from the relevant authorities.
This situation revolves around claims of insufficient proof of funds, the response from Sheikh Jassim's team, and the ensuing legal considerations, all against the backdrop of a high-profile and complex bid for one of the world's most famous football clubs.
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