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Manuel Ugarte looks on during a Paris Saint-Germain training session at PSG Campus on July 19, 2023 in Poissy, France.Photo by Aurelien Meunier – PSG/PSG via Getty Images
Manuel Ugarte signing set to expose £5bn Sheikh Jassim paradox at Man United
Thu 29 August 2024 14:30
Adam Williams
Manuel Ugarte’s imminent move to Old Trafford has shone a light on an unsettling issue that stems back Sheikh Jassim’s failed attempts to take over Man United.
Ugarte has undergone a medical ahead of his switch from Paris Saint-Germain, with the 23-year-old anchor man now expected to become the fifth signing of the Sir Jim Ratcliffe era.
Protracted negotiations eventually saw the two clubs settle on a £50m fee, with PSG reportedly retaining a 10 per cent sell on clause as part of the deal for Ugarte.
Manuel Ugarte of Uruguay lines up prior to the CONMEBOL Copa America 2024 semifinal match between Uruguay and Colombia at Bank of America Stadium o…
Photo by Omar Vega/Getty Images
Once complete, the deal will see the net spend total of United – who are flirting with the upper limit of Profit and Sustainability Rules (previously FFP) – reach around the £120m mark for the summer.
Every penny counts in the era of PSR due to years of profligacy under the Glazers. And it stands to reason that United were determined to hold their ground in talks with PSG to secure the best possible deal.
But in the 12-time Ligue 1 champions, United encountered what many have perceived to be a particularly obstinate counterpart in the negotiations.
And, according to one journalist, that may be a result of Sir Jim Ratcliffe‘s relationship with PSG’s Qatari owners.
READ MORE: Next steps for Man United as £8.9bn development speaks volumes about the Glazers
Sheikh Jassim’s Man United takeover claim cast into doubt by Ugarte fallout
Before Ratcliffe’s acquisition of a 27.7 per cent stake in United for £1.25bn was officially confirmed in February, alternative buyers had been swarming around Old Trafford for nearly a year.
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Column inches were given to dozens of reported suitors for a either full or partial takeover, ranging from private equity titans, to tech billionaires, to shadowy consortiums.
But perhaps the most evocative name linked with United was Sheikh Jassim Bin Hamad Al Thani, the son of Qatar’s former prime minister and chair of the Qatari Islamic Bank.
Jassim submitted a £5bn proposal to buy United outright, which was rejected by the Glazer family in favour of a minority investment from Ratcliffe.
As part of the process, Jassim’s camp insisted that they operate autonomously and are not overseen by the ruling regime in Qatar.
Ostensibly, the Premier League does not allow nation-state involvement at its clubs – significantly, they claim they have received assurances that Newcastle are not controlled by the Kingdom of Saudi Arabia.
However, Jassim’s claims of his independence appears to be with odds with a report from journalist Duncan Castle relating to talks between United and Qatar-owned PSG over Ugarte.
“Interesting bit of detail here,” he said on the Transfers Podcast.
“One of the reasons I am told this deal is being delayed is that it’s becoming of a battle of the egos between Nasser Al-Khelaifi, the president of PSG, and Jim Ratcliffe, the new controlling owner of Man United.
“Why is it a battle of egos? Think back to last year, when both Qatar and Ratcliffe were battling to purchase Man United from the Glazers.
“People were trying to say there was a separate relationship between Qatar’s bid for Man United and their ownership of PSG.
“However, my guidance throughout the process was that this was a state-run attempt to purchase the club.
“Qatar lost. Ratcliffe won that battle. As I am told, Al-Khelaifi wants to remind Ratcliffe that he can’t get his way on everything. If the deal is to be done, it will be done on terms he is happy with.”
The role of nation states in football and their effect on Man United
The sovereign wealth funds of Qatar and Saudi Arabia control over a £1trillion worth of assets and are aggressively expanding into football as part of a plan to diversify their fossil fuel-based economies.
After Qatar hosted the World Cup in 2022, Saudi Arabia are running unopposed to bring the world’s greatest sporting event back to the Gulf in 2034.
As well as United, Qatar have also been linked with a part-takeover of Tottenham, who are currently searching for strategic investment.
Sports is now a battleground for these states, whose aims are geopolitical as much as they are about economic growth.
The Saudi Public Investment Fund are also actively looking to buy more football clubs in Europe, which they hope will compete with the likes of United for the biggest titles.
While it has been reigned in somewhat this summer, the colossal transfer spending of the Saudi Pro League has distorted the transfer market – perhaps irreversibly so.
Jim Ratcliffe (Proprietaire OGC Nice) during the Ligue 1 Uber Eats match between Nice and Paris at Allianz Riviera on May 15, 2024 in Nice, France.
Photo by Johnny Fidelin/Icon Sport via Getty Images
PSG’s signing of Neymar in 2017, which doubled the previous world-record fee United paid for Paul Pogba a year earlier, had a similar effect on the market almost overnight.
This underscores an uncomfortable truth for United – nation states whose wealth utterly dwarfs the Glazers and Man United are shaping the future of football.
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Manuel Ugarte
Sheikh Jassim
Sir Jim Ratcliffe
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