Deadline extended for 2nd bids

MANCHESTER – Bidders trying to buy Manchester United have been given more time to submit second bids for the legendary football team.

The deadline for the latest round of bids was set for 9 p.m. Wednesday, but American merchant bank Raine has agreed to an indefinite extension to give interested parties a chance to refine their proposals.

A person familiar with the process confirmed the extension. The person spoke on condition of anonymity as he was not authorized to speak publicly.

Sheikh Jassim bin Hamad Al Thani has outlined his intention to make a second bid for United and British billionaire Jim Ratcliffe is also expected to bid, although neither met Wednesday’s deadline. Both submitted indicative offers last month.

Sheikh Jassim, chairman of the Qatar Islamic Bank, has said he wants to bring the club back to the top of the sport if they can buy out the current owners, the Glazer family.

His latest offer is ready and will be submitted to Raine, said another person with knowledge of the process. The person also spoke on condition of anonymity as he was not authorized to comment publicly.

United is expected to become the most expensive sports team in history, with the price tag estimated at up to $6 billion.

Sheikh Jassim and Ratcliffe are the only competitors who have publicly announced their intention to buy the 20-time English champions.

Sheikh Jassim, the son of a former Qatari prime minister, sent a delegation to Manchester last week to meet United executives.

Ratcliffe, owner of petrochemicals giant INEOS, also met with United last week.

Sheik Jassim is said to be confident in buying 100% of the club and plans to invest in the stadium, training ground and match teams.

Ratcliffe has spoken of his intention to take a “fan-centred” approach to ownership, adding that he is focused on United winning the Champions League for the first time since 2008.

He is applying for a majority stake.

Last year, Raine handled the sale of Chelsea to Todd Boehly and Clearlake Capital for approximately $3 billion. The Denver Broncos were also sold to Walmart heir Rob Walton and his daughter and son-in-law last year for a record $4.65 billion.

The Glazers announced in November that they were reviewing “strategic alternatives.” There is no certainty that they will cede full control of the club they have owned since 2005, although a minority stake is also a possibility.

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