According to a report from Sky Sports News, Sheikh Jassim is currently seeking legal counsel in the United States following allegations that he failed to demonstrate proof of funds during his attempt to acquire Manchester United.
The bid from Sheikh Jassim, valued at £4.5 billion and promised to be without debt, was bolstered by a guarantee from Qatar National Bank’s CEO, representing the largest financial entity in the Middle East and Africa.
The group from Qatar maintains that their offer was entirely cash-based and asserts that their decision to not proceed was based on a refusal to pay more than what they already considered an overvaluation for the club, which currently has a market capitalization of £2.6 billion.
Amidst claims that they did not show proof of funds, Jassim’s team, who aimed to purchase the entire club and clear its debts, reacted with a mix of bewilderment and amusement, as per Sky Sports News.
They argue that this narrative is misleading and does not align with their series of legitimate, credible, and fully funded offers, which were backed by financial guarantees and legally submitted in writing.
They are contemplating seeking intervention from the US Securities and Exchange Commission to issue a statement to correct the record.
The Qataris are of the opinion that the Glazers would not have engaged in nearly a year of personal negotiations with them had there been any genuine concern about their financial backing.
Sheikh Jassim, as stated in the Sky Sports News report, has reportedly expended several million dollars on a team of legal advisors, bankers, and consultants to manage his bid.
Ultimately, Sheikh Jassim decided against becoming a minority shareholder, believing it would not significantly influence the club’s future.
Manchester United has upheld the statements made in the documents released on Wednesday and has declined to comment further.