The latest word coming from England is that Manchester United have allowed an extension to potential buyers Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe.
United have granted permission to British billionaire, Ratcliffe and Qatari banker Sheikh Jassim to submit fresh bids for the 20-time English champions.
Media reports indicate that both parties were expected to increase their initial offers after the submission deadline of 9pm GMT (1am UAE) was extended by merchant bank Raine, which is assisting with the sale of the club, following confusion over the timing, British media reported.
Neither the club nor Raine have given a new deadline for the increased offers but it is believed United’s owners, the Glazer family, value the club at £6 billion ($7.3 billion) which, should it be met, would be a world record for a sports club.
The National News report although no details have been released of any bids, it is believed that Ratcliffe’s and Sheikh Jassim’s bids fell short of the Glazers’ valuation.
Sheikh Jassim’s bid for 100 per cent control of the club promises to wipe United’s $620 million debt and invest in a new stadium and training ground, in addition to backing for the men’s and women’s teams.
A source close to Sheikh Jassim’s bid told AFP he remains confident his bid is “the best for the club, fans and local community.”
In a recent interview, Ineos chief executive Ratcliffe told the Wall Street Journal that he would not pay a “stupid” price in a bidding war for one of football’s most famous clubs.
Ratcliffe’s initial bid was to acquire the 69 per cent stake owned by the Glazer family. The boyhood United fan said his interest in buying United would be “purely in winning things”.
“The Glazers have been massively unpopular with United fans since their leveraged £790m takeover in 2005. There have been several large-scale protests against their ownership,” reports the publication.
“However, they could yet shun the option of selling a controlling stake in the club, with other parties interested in a minority shareholding.
“Elliott Investment Management has also reportedly made it through to the second stage of the process, although the firm is said to be offering funding rather than a takeover.”
As things stand, bidders are expected to hear from the Old Trafford-based English Premier League club United next week, with another round of bidding still in play.
It is mentioned that Ratcliffe visited Old Trafford last Friday along with Ineos representatives, a day after a delegation from Sheikh Jassim’s group toured the club’s stadium and training ground to hold more talks as part of their due diligence.
Main Image: Old Trafford Stadium/TheAthletic
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