Man Utd takeover: Glazers in ‘standoff’ with bidders as latest deadline approaches
The Glazers have previously pushed back their deadline to complete a Manchester United sale, with the Americans hoping to boost valuations of offers received so far
The Glazers are at a standoff with the potential bidders for Manchester United, having already pushed back their deadline to complete a sale of the club.
The Americans are seeking either a full takeover or a partial investment in the Red Devils as their reign as owners enters its 18th year. They have become deeply unpopular with fans, with United last winning the Premier League title a decade ago.
Two groups have so far gone public with their bids for a full takeover. The first is being led by chemicals giant Ineos’ Sir Jim Ratcliffe, while the other is being led by Qatari banker Shiekh Jassim bin Hamad Al Thani.
The process is now in its second phase, during which presentations and meetings will be held between representatives of the Bidders and Raine Group, who will oversee the process on United’s behalf.
According to NBC Sports, the original intent was to confirm a sale or investment by the end of the first quarter of this year. This deadline has now been postponed.
None of the offers so far match the Glazers’ £5billion valuation for the Red Devils, with offers expected to be in the £4.5billion mark. A stalemate has now been created that will require a compromise from either the Glazers or the bidders.
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It is not yet known if the American family will actually go through with a sale. The Glazers have already postponed the deadline for an investment or takeover to the end of May.
They hope that the extension will help them get a higher offer from prospects. At least four parties are said to be interested in the Red Devils.
So far, Ratcliffe and Al Thani are the only public bidders seeking a full takeover. Elliott Sports Management, the former owners of AC Milan, are interested in investing in the club.
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Al Thani’s offer includes a full takeover while the club is cleared of its debts, which Ratcliffe refuses to do. While he hasn’t promised to pay the Red Devils out of debt, Ratcliffe is confident he will succeed.
He has already tasked Sir Dave Brailsford, Ineos’ sporting director, with putting together a team to carry out his plans for the club. Meetings between Ratcliffe, Al Thani and the Raine group are set to take place shortly.