Summary Sheikh Jassim bin Hamad al-Thani is set to complete his takeover of Manchester United, potentially for £6bn, wiping out the club's gross debt. The Qatari royal, chairman of Qatar Islamic Bank, is a lifelong fan of the club and intends to make renovations to Old Trafford and the training centre at Carrington. The takeover is expected to be completed soon, bringing an end to months of rumours and speculation.
A report in English media claims that Sheikh Jassim bin Hamad al-Thani is now set to complete his takeover of Manchester United, and it could happen soon.
What's the latest Man United takeover news?
It was just last week that news surrounding the Glazer family and their potential sale of the Premier League club wasn't looking particularly promising.
After all, there was talk that Sheikh Jassim's bid of upwards of £5bn had not been responded to yet with brothers Avram and Joel potentially unwilling to actually sell their asset after all this speculation.
Indeed, Chief Manchester United writer Samuel Luckhurst wrote in his article for the Manchester Evening News: "Figures involved in a possible takeover of United are becoming weary with the process".
However, in a fresh update from The Sun, it has been reported that Sheikh Jassim is set to win the battle to buy Man United for £6bn ahead of rival bidder British billionaire Sir Jim Ratcliffe of INEOS, who was willing to allow the Glazer family to retain a stake in the Red Devils with his offer.
Instead, the Qatari royal will complete a 100 per cent purchase of the club, thus finally seeing the Glazers depart Old Trafford after arriving in 2005 – news that will no doubt delight many fans.
The report adds that Sheikh Jassim’s team are now completing their due diligence on the English club and that this £6bn takeover is set to be completed by mid-October, while it could be officially announced as early as next month.
Who is Sheikh Jassim?
Born in 1982, Sheikh Jassim is the chairman of Qatar Islamic Bank, one of the biggest banks in the Middle East, and is a member of the Qatari royal family. His father, Hamad bin Jassim bin Jaber Al Thani, was the Qatari prime minister between 2007 and 2013 and has been involved in the running of Paring Saint-Germain in the past (via Metro).
As per the Manchester Evening News, he and his family are believed to have a collective net worth of around £275bn. While that same report says it is estimated that he has a personal net worth of about £1.08bn.
He is also a lifelong fan of the club and has been to a number of Man United matches as a supporter – some of those have even been away from home, reports The Guardian.
Once the takeover is complete, the new Man Utd owner will supposedly wipe out the club's gross debt which is believed to be at £725m. Sheikh Jassim will then aim to
make renovations to Old Trafford, as well as their training centre at Carrington.
Read the latest Man United transfer news HERE…
No doubt fans will also hope and expect some big new signings to arrive in the upcoming transfer windows, with the January market potentially the first opportunity the Qatari will have to flex his financial muscle.
After months and months of speculation, it does finally seem as though this whole saga is at last about to find a conclusion. It will be interesting to see how quickly this moves now and if a deal really can be finalised as soon as mid-October.