Sheikh Jassim set to complete his full £6 billion takeover of Man United by mid-October
A date has been set for the completion of Manchester United's takeover, according to stunning reports.
The Glazers put the Premier League giants up for sale in November of last year, confirming they were exploring 'strategic alternatives'.
The takeover talks have since dragged on for nine months, with Ineos founder Jim Ratcliffe and Qatari banker Sheikh Jassim going head-to-head.
It was claimed that the club's American owners preferred Ratcliffe's offer as it meant they would have retained their shares.
Despite reports suggesting Avram and Joel Glazer fancied Ratcliffe's proposal, The Sun state Sheikh Jassim has fought off the British billionaire in the bidding process.
The report claims Sheikh Jassim is set to complete his full £6 billion takeover of Man United by mid-October.
A date is pencilled in, and an official announcement could come as early as next month.
Sheikh Jassim's team are now completing their due diligence on the Old Trafford outfit before they take the club off The Glazers' hands.
The takeover update will delight Man United fans who had fears the current ownership would change their minds and cling on to a slice of the club, which Ratfcliffe was proposing.
The Glazers wanted to continue holding shares but were warned by senior Man United figures that there would be fierce fan backlash, according to the report.
However, in selling the Red Devils, they will make a massive profit having completed their £800 million takeover back in 2005.
The servicing of that debt has since cost United over £1 billion, and their last financial figures showed that the gross debt is £725 million.
Per the report, Sheikh Jassim will wipe out that debt to save on any further fees and not take any dividend payments from the club.
The Qatari's takeover plan includes upgrading the stadium and the team's training facilities not to mention investing in the squad.
Okeke George Chijioke
When you don't see Okeke George blogging, he sure will engage him self in sporting activities.
