- Manchester United takeover process is still continuing and the club is almost getting a new owner
- The current owners, the Glazers family have put it in the public of their interest to sell the club
- The bidders have been given until the end of Friday to submit their third and final offers
As the potential takeover process continues, Manchester United bidders have until Friday evening to submit their third and final offers.
The Old Trafford Titans revealed in November that the board was considering strategic alternatives to boost the club’s growth, including an outright sale.
The Glazer family, United’s owners, are thought to value the club at £6 billion, and the Raine Group, which oversaw the sale of Chelsea, was brought in to oversee the process.
The soft deadline for expressions of interest was February 17, and the second deadline for those who advanced was March 22.
Raine is understood to have requested interested parties for their third and last proposal on Friday, which was eventually extended by a few days. Bids for prior rounds had to arrive by 10 p.m. UK time – 5 p.m. on the US east coast.
On the night of the deadline, Bloomberg reported that bidders had been requested to specify the source of their funds, proposed financial models, and debts held against the club.
The Glazers family are the current owners of Manchester United and have put the club up for sale. The takeover process has reached the final offers from bidders. | PHOTO: Sky Sports |
The third deadline comes as United’s promising first season under Erik ten Hag comes to an end, with the club facing Manchester City in the FA Cup final on June 3 as they attempt to add to their Carabao Cup victory.
READ: Manchester United takeover: Glazers options
The team is also on track to qualify for the Champions League, but uncertainty about the future casts an unwelcome shadow over a club eager to return to the top.
The first prospective owner to officially declare an offer was Sheikh Jassim Bin Hamad Al Thani, the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister.
Sir Jim Ratcliffe, the owner of INEOS, immediately followed, with both parties travelling to Manchester last month to tour the club and chat with the senior management.
Carlyle, Elliott Management, Ares Management, and Sixth Street, in addition to Sheikh Jassim and Ratcliffe, have reportedly submitted minority investment proposals.
This week, it was also reported that one option on the table would see Ratcliffe take a controlling stake of more than 50%, with Avram and Joel Glazer retaining a combined 20%. When approached by the PA news agency, Ratcliffe’s staff declined to comment.
Following that story, the 1958, a United supporters group that rose to prominence last year, tweeted: “If you get in bed with Glazer. You are known as a Glazer. This Sunday, the fans will have their say. ONLY FULL SALE.”
Since the Glazers’ leveraged takeover in 2005, United fans have vented their displeasure, and the 1958 have spearheaded renewed protests against them in the last year.
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