Man Utd takeover plan involves 'wiping out debt and new 90,000 stadium'

A rival plan to Sir Jim Ratcliffe's bid to buy a part ownership in Manchester United would have seen the club's debt wiped out, it has been revealed.

"Project Ruby" would have reportedly seen the Qatari consortium led by Sheikh Jassim bin Hamad al-Thani unveil transformative plans for United, including eliminating all club debt and proposing a new 90,000-plus-seater stadium, within days of assuming ownership.

Sheikh Jassim and the Nine Two Foundation had sought to acquire United outright, offering a reputed £4.79 billion.

However, U.S. Securities and Exchange Commission (SEC) filings revealed earlier this year that the Qatar Islamic Bank chairman failed to provide proof of funds before withdrawing from the process.

Amid concerns over purchasing all the Glazers' shares, the United owners ultimately accepted Ratcliffe's Ineos bid, which secured a 25% stake in the club for £1.25 billion, valuing United at £5 billion.

According to The Mail, the Qatari group had already formulated a detailed strategy for the initial days of their ownership.

On day two of their tenure, they intended to announce the removal of the club's longstanding debt, which currently stands at £520 million ($650 million), with total liabilities reaching £714 million as of the latest quarterly figures for the 2024-25 season.

Additionally, they planned to delist United from the New York Stock Exchange, where shares have been traded since 2012 and are currently valued at around £14 ($17) per share.

Following these financial moves, the Qatari consortium intended to announce fully funded plans to construct a state-of-the-art stadium with a capacity of 90,000 to 100,000, financed entirely by the club.

In contrast, Ineos established the "Old Trafford Regeneration Task Force" in March, chaired by Lord Sebastian Coe and featuring former United captain Gary Neville.

Earlier this month, the club confirmed that a decision regarding either redeveloping Old Trafford or building a new stadium is expected by the summer.

Despite their failed bid, Sheikh Jassim remains interested in a future takeover. A Qatari advisor told The Mail: "He [Sheikh Jassim] is still a United fan.

"He is not going to rush off and try another Premier League club. If the opportunity to buy the whole of Manchester United arose again at some point in the future, it is hard to see there not being a big level of interest. The plans are still there."