The bidding war for Manchester United intensified on Wednesday as British businessman Jim Ratcliffe and Qatari banker Sheikh Jassim Bin Hamad Al Thani prepared to increase their offers for the 20-time English champions. As the merchant bank Raine, which is aiding with the sale of the club, delayed the filing deadline of 2100 GMT as a result of uncertainty over the date, both sides were anticipated to enhance their initial offers, according to the BBC.
Moreover, Sheikh Jassim and Ratcliffe were reportedly given more time to submit new offers, according to Sky Sports. According to the BBC, the new offer deadline has not been made known. The Glazer family, who control ManU, is said to have set a record for the highest valuation of a sports team at £6 billion ($7.3 billion).
Sheikh Jassim’s bid for full control of the club promises to wipe out United’s $620 million debt
In exchange for full ownership of the organization, Sheikh Jassim pledges to pay off United’s $620 million debt, build a new stadium and training facility, and support both the men’s and women’s teams. Sheikh Jassim’s offer is still confident that it is “the best for the club, fans, and local community,” a source close to him told AFP.
Ratcliffe, the founder of INEOS Chemical Company and a lifelong United supporter, has been more reserved in his appraisal, adamant that he will not engage in a bidding battle for one of football’s most illustrious clubs for a “stupid” price.
“How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint,” Ratcliffe told the Wall Street Journal this week. “What you don’t want to do is pay stupid prices for things because then you regret it subsequently.”
Ratcliffe stated his interest in United would be “purely in winning things,” referring to the team as a “community asset.” Ratcliffe wants the 69 percent ownership held by the Glazer family.
The Glazers, who have been incredibly unpopular with fans since they burdened the club with debt in a £790 million leveraged buyout in 2005, were poised to go at a huge profit when they solicited outside investment in November.
Initial bids received in first round of bidding last month were estimated to be worth roughly £4.5 billion
They might still choose not to sell a majority position in the club, even if there were interested parties for a minority shareholding. Initial bids from last month’s first round of bidding were estimated to be worth about £4.5 billion.
With an additional £1.75 billion in pledged investments in infrastructure and players, it would eclipse the Premier League record of £2. (https://www.enov8.com) 5 billion paid for Chelsea last year by a consortium led by LA Dodgers co-owner Todd Boehly and private equity firm Clearlake Capital.
United is anticipated to contact bidders the following week, and there is still time to submit another round of bids. If one bid is significantly higher than the others, it might be decided to engage in an exclusivity period, which would allow for additional discussion before a final sale.