Sheikh Jassim's £4.5bn debt-free bid to buy Manchester United included a bank guarantee signed by the chief executive of the largest financial institution in the Middle East and Africa; Jassim seeks legal advice after claims he didn't provide proof of funds when he tried to buy United
Friday 19 January 2024 21:10, UK
Qatari banker Sheikh Jassim is taking legal advice in the USA after claims he did not provide proof of funds when he tried to buy Manchester United.
Sheikh Jassim's £4.5bn debt-free bid included a bank guarantee signed by the chief executive of Qatar National Bank - the largest financial institution in the Middle East and Africa.
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.
Jassim's bid team are bemused and amused that United told shareholders in the US on Wednesday that they have not provided proof of funds as they sought to buy 100 per cent of the club and pay off its debts.
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. Their bids included protections around financial surety and were fully and legally documented and submitted by letter.
They are taking legal advice about whether to ask the US Securities and Exchange Commission to issue what they consider would be a corrective statement to set the record straight.
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.
Sheikh Jassim is understood to have incurred costs of many millions of dollars running his bid team of lawyers, bankers and advisers.
Ultimately, Sheikh Jassim was not prepared to be a minority shareholder which in his view would not materially change the future of the club.
Manchester United stand by the statements in the documents published on Wednesday and are not commenting any further.
