Man Utd takeover: ‘Huge twist’ amid ‘serious government concerns’ over world-record bid

The potential takeover of Man Utd has reportedly taken a ‘huge twist’ as the government have ‘serious concerns’ over bidder Sheikh Jassim.

The current owners – the Glazer family – put the club up for sale last November. At the time, they confirmed that they would be “evaluating all options” and that a full sale was possible.

Since then, there have been two rounds of bidding with several parties expressing interest in becoming the new owner of Man Utd.

Sheikh Jassim – a Qatar businessman – and INEOS’ Sir Jim Ratcliffe went public with their interest from an early stage.

Both parties are understood to have made world-record bids in an attempt to buy Man Utd.

It is currently unclear whether the takeover will now happen. Journalist Ben Jacobs took to Twitter on Monday afternoon to reveal bidders “expect” to “get clarity on the next step of the process” this week.

“ suitors expect to hear back from Raine Group this week and get clarity on the next step of the process.

“Things largely still on track despite the second bids of Sheikh Jassim and Sir Jim Ratcliffe coming in slightly late.

“Quick second-bid deadline after meetings at Old Trafford has allowed for an extra stage of bidding, if needed, without altering the timescale significantly.”

But according to The Sun, Sheikh Jassim’s position has been plunged into doubt. The race to buy Man Utd has ‘taken a huge twist’ as ‘there is serious Government concern about Qatari banker Sheikh Jassim’.

It is indicated that the ‘Bank of England has flagged up previous regulatory failings at the UK branch of the Qatari Investment Bank headed up by Sheikh Jassim’ and this ‘could prove a major turning point’. The report adds.

‘Sheikh Jassim, the most likely to meet the Glazer family’s £6bn valuation, had been seen as the slight front-runner, that could all be changed by the revelation of the issues being raised by senior Government officials.

‘Those reservations are understood to relate to a £1.4m fine handed out to QIB’s UK unit by the Bank of England in 2016 for violating capital financial rules that left the bank exposed to high levels of risk.

‘Regulators said QIB had “failed to meet some of the most basic regulatory standards”.

‘QIB claimed at the time to have taken “remedial action” to prevent a recurrence.’

‘The fine by the Bank of England related to matters which took place in 2011 and QIB took immediate action to address the situation, restructuring its operations and governance.

‘It had previously been reported the Government officials were supportive of the bid but questions about the financial conduct at QIB may become a major issue.

‘Any final bid winner will have to pass the Prem’s newly beefed-up Owners and Directors Test requiring more extensive due diligence by League experts.’