The backers of Qatar-based bid for Manchester United have slammed the recent claims that they did not provide evidence of their financial capability.
According to Mail Sport, the group involved in the unsuccessful takeover, led by Sheikh Jassim bin Hamad al-Thani, are furious with the suggestion that they did not meet the valuation set by the Glazers, the club’s owners, and lacked evidence regarding the funding.
The group are reportedly now considering seeking a corrective statement from the US Securities and Exchange Commission (SEC). In documents submitted to shareholders, United documents showed that the Qatari bid fell short of the approximately £4.5 billion asking price. It also claimed no proof of funding was provided despite repeated requests throughout the course of the process.
Sheikh Jassim bin Hamad al-Thani led a bid to buy Manchester United (Image credit: Sheikh Jassim)
The Qatari group asserts that they offered approximately £4.5 billion, which was slightly below Sir Jim Ratcliffe’s successful bid, but with the commitment to pay off all existing debt at Old Trafford. The failed bidders also claim that they consistently provided evidence of funding throughout the negotiation process last year.
Indeed, they now are considering whether to make a demand to the SEC for a corrective statement. Manchester United did not comment.
The filing indicated that ‘Bidder A’ – believed to be the Qatari group – repeatedly failed to submit ‘customary financing commitment letters.’ But the group have now refuted the suggestion.
INEOS billionaire Jim Ratcliffe was successful in investing into Manchester United (Image credit: Getty Images)
The stakeholders are disappointed that the documents mention the £237 million planned investment from Ratcliffe’s group without a mention of Jassim’s commitment to immediately inject around £1 billion into the club’s infrastructure.
The Qatari group withdrew from the process in October, with Ratcliffe emerging victorious by claiming a 25 per cent in the club. INEOS CEO Ratcliffe completed a £1.3 billion deal for a 29% stake in the club on December 24, with an announcement by the club emerging the same day.
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