Sheikh Jassim bin Hamad al-Thani failed in his bid to buy Manchester United from the Glazers because he refused to prove he had the sufficient cash.
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Qatari camp pulled out of race to buy UnitedSheikh Jassim failed to provide source of fundsMinority stake in club went to Sir Jim RatcliffeWHAT HAPPENED?
According to new documents submitted to the United States Securities and Exchange Commission (SEC), the Sheikh did not respond to the club's requests to provide a source of his funds. United requested his camp submit "customary financing commitment letters", but his improved bids came without the required papers. The Old Trafford side issued an ultimatum to provide the documentation and he subsequently withdrew from the bidding process.
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Sheikh Jassim was beaten to the purchase of United by Sir Jim Ratcliffe, who bought a 25 per cent stake at the end of December. Ratcliffe issued a Christmas Day deadline for United to accept his offer and the club announced the deal on December 24. The deal cost a total of $1.64 billion (£1.3bn).
DID YOU KNOW?
However, recent documents have also revealed that the Glazer family could force Ratcliffe out of the club 18 months after his purchase is ratified in February. After that period, the Glazers could pursue a total sale of the Red Devils and, while Ratcliffe has first refusal to buy the club, they can sell to a higher bidder and the Englishman would have to give up his stake for the price he paid for it.
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United will look to strengthen Erik ten Hag's squad over the course of the January transfer window as they look to claw their way up the Premier League table. They will, however, have to consult Ratcliffe over any transfer business they want to conduct even though his deal with United will not be confirmed until February 13.