European Leagues
£6billion: Sheikh Jassim set to complete Man United takeover from the Glazers
Sheikh Jassim is reportedly set to complete his £6billion takeover of Manchester United by mid-October and already has a plan to endear himself to the Red Devils faithful.
The wealthy Qatari bidder has been the subject of a long wait to discover whether he has beaten Sir Jim Ratcliffe to become the preferred bidder, but now the delayed process appears to finally be coming to an end.
The Sun have claimed that Jassim has fought off the INEOS chief and an announcement could come as early as next month that Jassim will be taking over from the Glazer family, who have come to an agreement to step away from the club and putting an end to their controversial time in charge.
The Glazers have been in charge for 18 years after burdening the club with debts to complete their £800million takeover, as the servicing of those debts have cost the club a further £1bn – with supporters actively voicing their displeasure against the current regime, as several protests have taken place amid calls for no such takeover to take place in football again.
Those voices will be pleased to hear that Jassim will wipe out United’s gross debt – which stands at £725m – and not take any dividend payments from the club, as opposed to the Glazers in what had become another contentious decision by the American owners.
Jassim plans to pay off the debt in order to save on further fees, while upgrading the facilities both at Old Trafford and the club’s training ground complex Carrington – in addition to investment in the team which includes new signings. Although he will not have an impact in the final few weeks of the summer transfer window.
The news will be music to the ears of many United supporters, at Jassim’s plan to erase their debt and putting them in a much more financially secure position. While the Qatar royal getting the nod over Ratcliffe ensures that the Glazers will finally leave Old Trafford, as the Brit had offered the current owners the chance to stay on in an attempt to be favoured.
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