In the ongoing saga surrounding the potential takeover of Manchester United, the details of Sheikh Jassim bin Hamad al-Thani’s bid have now emerged.
The Qatari businessman had been in the running to acquire the Premier League club, but his offer was ultimately overlooked in favor of Sir Jim Ratcliffe’s successful bid for a minority stake.
According to reports, Sheikh Jassim’s ‘Project Ruby’ had ambitious plans to transform the club. Had his consortium taken control, they intended to make Manchester United “completely debt-free” by clearing the club’s current £520 million ($650 million) debt, as per the latest financial figures.
Furthermore, the Qatari group had drafted a strategy to announce their plans in the initial days of their ownership. This included the removal of the club’s shares from the New York Stock Exchange, where they have been traded since 2012.
Crucially, the Sheikh Jassim-led consortium also planned to unveil a fully-funded proposal to build a new 90,000 to 100,000-seater stadium to replace the aging Old Trafford.
The club’s current home ground has been in need of significant renovations, with a decision on whether to redevelop or construct a new venue expected in the summer.
Despite missing out on the takeover, a Qatari advisor has stated that Sheikh Jassim “is still a United fan” and that the opportunity to acquire the entire club in the future would likely generate “a big level of interest” from the Qatari group.
The arrival of Sir Jim Ratcliffe’s INEOS group has already led to a series of unpopular decisions, including staff redundancies, season ticket price hikes, and the termination of Sir Alex Ferguson’s ambassadorial role.
The club’s new leadership is now tasked with addressing the long-standing issues at Old Trafford and charting a path forward for the 20-time English champions.
