Qatar’s 2023 attempt to buy Manchester United failed, but according to Sam Wallace, his ambition to own a historic club one day has not faded. Telecommunications.
More than a year after Sheikh Jasim bin Hamad Al Thani withdrew from the bidding process, suggests that the Gulf state has remained quiet yet lasting interest in the club’s future.
This interest is set against the backdrop of his extensive involvement in the ownership of Paris Saint-Germain through Qatar’s global football, particularly Qatar Sports Investments (QSI). Since acquiring PSG in 2011, Qatar has faced major challenges in leading the club to European domination, but has also had a major impact on the sport. Even as the PSG project continues to evolve, its appetite for prestige and power has not diminished through football.
Sir Alex Ferguson, the iconic former manager of Manchester United, who is a bystander of this year’s Champions League final in Munich, was seen in the VIP section alongside PSG President Nasser Al Keleifi, highlighting the intertwined relationships at the highest level of the game. Ferguson also attended dinners for UEFA hosts along with officials from UEFA’s top clubs and senior officials such as UEFA president Alexander Ceferin. These social circles remain important areas where major club deals and soccer political power are often navigated informally.
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Al-Khelaifi is incredibly shaking within European football. He chairs both the QSI and the European Club Association and oversees Qatar’s broadcasting station Bein Sports. His unique position as a key negotiator with UEFA and a direct representative of Qatar’s soccer interests puts him at the heart of continental football governance. Although it is officially unrelated to Sheikh Jassim’s Manchester United Bid, Al Keraifi’s influence and network have become a central figure in the Qatar-backed football investment strategy.
Sheikh Jassim’s bid for Manchester United in 2023 was ambitious. Channeled through his nine foundations, he proposed a full acquisition of the club, including shares held by minority investors, and promised to wipe out long-standing debts. Importantly, I offered one advance in total over Jimratcliffe Ir’s graded investment, but was presented in full immediately. Despite the financial clarity of the offer, it was unable to satisfy Glaser, who ultimately chose a more complicated agreement with Ratcliffe.
Glaser’s choice to sell minority stakes to Ratcliffe’s INEOS group – which happens to be a 28.94% share, but was seen as a compromise. This allowed them to maintain majority control while holding more practical investors accountable for managing football. Since that transaction, United’s financial and field situation has continued to deteriorate. The club’s ratings for the New York Stock Exchange have plummeted to levels reminiscent of the 2012 list, currently at around $14 per share. The decline in ratings reflects the club’s poor performance. The worst league finish in 50 years, extensive staff redundancy and increased debt are estimated to exceed £1 billion when considering transfer fees and interest.
Despite being watched by the sidelines in the 2023 bidding war, sources suggest that Sheikh Jassim has not lost interest in United. There is a lasting belief in some of his circles that there may be future opportunities to buy a club. Their previous bids had disappeared from public conversation, but Qatar camps continue to quietly monitor trends, waiting for a time when Glazers are likely to be sold in full.
The Glazers agreement with Ratcliffe reportedly includes a clause allowing the club to be sold in full without Ratcliffe’s consent. However, Ratcliffe reserves the right to make the first offer if Glaser chooses to sell the remaining shares. This could cause a future standoff between the British billionaire and the revived Qatari bid.
During the first auction process led by US Bank Lane, both Ratcliffe and Jasim were considered serious candidates. However, Jasim’s campaign was criticized for being too reserved. He had only one public photo, and little effort was made to present nine two foundations to him or United’s fanbase or media. Public details about him were scarce, as some observers, including Ratcliffe himself, questioned whether Sheikh Jassim really existed. Those familiar with Qatari protocols argued that their approach reflected cultural norms. But in this case the net may have backfired.
In contrast, Ratcliffe played a much more prominent role. He has worked with the media and supporters, is a long-term fan of the club and portrays himself as a steward for that tradition. That vision could have helped him win several segments of the fanbase and perhaps influenced Glazer, who was navigating sales in public scrutiny.
Still, the acquisition of less than 30% of Ratcliffe’s club put him in a challenging position. He is responsible for United’s football direction, but he does so without complete control. The club’s results have declined since his involvement, with structural issues persisting from high debt to lower management appointments. The tension of uniting and spinning while owning less than a third of the club may one day encourage Ratcliffe to seek the majority and control himself, perhaps dominating his competitiveness from Qatar.
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There is also a prolonged sense that Glaser, who has long resisted a totally abandoned force, will ultimately decide the future of United’s ownership. Their partial sales allowed them to extract capital while diverting their responsibility to run the football to Ratcliffe. However, as economic pressures increase and club value stagnates, full sales can ultimately become attractive.
The real question is whether Qatar will be willing to return with its enormous resources and at what price it will return. Even Qatar’s wealthiest families have restrictions and ultimately fall into disagreement in valuation, as demonstrated by Jasim’s 2023 withdrawal. The first time I was unable to secure a deal showed that money alone might not be enough to pry the club out of Glaser.
For now, Qatar is waiting. With United’s performance dropping, its value decline and its future uncertainty, the possibility of an updated acquisition attempt could come sooner than later. Just like Manchester United, the story continues to be shaped by the complexities that often lead to more opaque forces, not just what happens on the pitch.
