Qataris: We DID meet the Glazers’ valuation

THOSE behind the Qatar-based bid for Manchester United say they did meet the asking price and provided proof of funds. Mail Sport understands the team involved in the doomed offer from Sheik Jassim bin Hamad al-Thani are furious after United told shareholders their group did not hit the valuation set by owners the Glazers, or show evidence of where their money was coming from. They may now seek a corrective statement from the US Securities and Exchange Commission, where United made the claims. United said the Qatar bid did not meet an asking price of around £4.5billion, excluding existing debt, and said despite repeated requests no proof of funding was given. But sources close to the bid are adamant they offered £4.63bn — more than Jim Ratcliffe’s accepted bid valued it at — and gave proof throughout. United declined to comment, but are thought to be confident in the detail published. Those involved in the failed bid, which was for a full takeover, have been incensed by what they believe are cleverly worded statements which present a misleading story. Insiders say a bank guarantee from the chief executive of Qatar National Bank, viewed as the largest financial institution in the Middle East and Africa, was provided. They are also frustrated that, while mention in the papers is made of the £237m planned investment from Ratcliffe’s group, who secured a deal to buy 25 per cent of the club, shareholders are not told of Sheik Jassim’s promise to provide an infrastructure injection of around £1bn. The Sheik Jassim group withdrew from the process in October, leaving Ratcliffe as the only serious contender. The filings say a final bid from Qatar of around £4bn was rejected, but those involved insist the figure was much higher.