Why Sheikh Jassim withdrew from Manchester United takeover bid

Shekih Jassim was leading the race to become the new Manchester United owner but he now looks set to miss out to Sir Jim Ratcliffe

Sheikh Jassim withdrew from the Manchester United takeover bid due to frustration with the Glazer family, paving the way for Sir Jim Ratcliffe's 25 per cent stake in the club.

Jassim looked like he was going to become the new owner at Old Trafford but pulled out of the race in October. Now, Ratcliffe's £1.3billion deal looks set to be wrapped up as the Reds hope to see a new era of prosperity.

As reported by the MEN, business journalist Kieran Maguire claimed in October that Jassim had grown tired of the Glazers' negotiation tactics. Jassim wanted to front a Saudi consortium and had placed a bid of close to £5bn to buy the club outright but the Glazers refused, angling for over £6bn.

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Maguire told The Price of Football podcast: “Sheikh Jassim said, ‘Well actually, I have been reasonably successful and part of the reason I've been successful is that I don’t get my trousers taken down in negotiations.’ I think they just feel very let down by the attitude of the selling party."

The journalist also talked about the structure of Jassim's bid, with £1.9bn of the money supposedly set aside for off-field developments. This would focus on an improvement of stadium facilities.

"From what I understand, there was a $1.7bn reconstruction fund which would have gone not only to issues on the pitch but perhaps, more importantly, the state of Old Trafford which is not fit for 21st-century football.”

It remains to be seen what Ratcliffe will do for United but he does seem to be preparing a lot of changes behind the scenes. Richard Arnold has already been given his marching orders and the British billionaire seems to want a smarter setup when it comes to transfer dealings.

On Ratcliffe's appointment, Maguire added: “Sir Jim Ratcliffe is absolutely brilliant at turning around failing businesses but football is not like any other industry. The view was that it’s 25% now with a view to being able to have a controlling stake by 2026. That’s three years down the line. Is that another three years of leaking roofs?"