The BBC reported that Qatari Sheikh Jassim bin Hamad Al Thani has withdrawn from the process of purchasing Manchester United, a competitor in the English Premier League, today Saturday. Sheikh Jassim, the son of former Qatari Prime Minister Hamad bin Jassim, was one of the leading candidates to buy the 20-time English champion from the Glazer family, the club's owners.
Sources told Reuters that Sheikh Jassim still wants to close the deal but has informed the Glazer family that there is no point in continuing the process after nine months of unsuccessful negotiations. The sources indicated that Sheikh Jassim would not have used any debt to buy Manchester United and that his offer would have paid off the club's existing debts. This move has put British billionaire Jim Ratcliffe, founder of chemical company INEOS, in a strong position to finalize the deal.
