Man Utd takeover LIVE: Leading bidders granted extension in dramatic twist – latest updates

According to tonight’s reports, as of the 21:00 deadline today, up to eight bids have been received but apparently not the bids from Qatar or INEOS.

No one saw tonight’s developments coming, and there will be many more to come tomorrow and in the days to come.

How about this for a late twist! The Independent now understands that neither of the two leading bids for Manchester United, led by Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, had submitted their improved bids for the club by Wednesday’s deadline.

Both parties had until 9 p.m. to submit their bids, but instead asked for an extension of the deadline. Both groups are expected to make their second, improved bids on Thursday, with bids expected to exceed £5bn for the club at a crucial stage in the takeover process.

Ratcliffe’s INEOS group and Sheikh Jassim’s bidding front were expected to submit their bids before the 9pm deadline, but in a dramatic twist it emerged that the Raine group received none of the bids. However, an extension of the procedure was granted.

The deals are being handled by the Raine group, but it’s understood the Glazer family is divided over whether to sell the club or keep a minority stake.

With bids from Qatar and INEOS on the table, a third option would be for minority investors to raise funds to reinvest in the club.

The Glazers would ask a record £6billion for the club if they decide to sell it – a fee The Independent understands that the Qatar group is ready to compete.

INEOS has the means to compete with Qatar’s bid, but it was reported that Ratcliffe had concerns about the price hike being too high.

As reported by The Independent This week Qatar increased their offer for Manchester United

One consideration that weighed on the entire process was whether the Gulf state would end up making an offer that “blows everyone out of the water.”

There was an upset that wasn’t the strategy from the start as it would have been very easy for Qatar to go to the Glazers and say they would pay the necessary amount before things got going. Some industry insiders believe this is because they didn’t play their hand that early.

Others involved believe it is part of a new strategy by the state to demonstrate that these are the right business investments.

“They will try to pay the right price,” a source said, “but they insist they are not overpaying.”

Sheikh Jassim is understood to have made a second bid to buy world-record Manchester United, with the bid being submitted before today’s 9pm deadline.

Sir Jim Ratcliffe’s offer has also been received, as previously reported.

Little or nothing is known about other potential bidders, but it has been reported that US hedge fund Elliott Management has made a proposal that would include offering financing to either new bidders or the Glazers.

Sheikh Jassim bin Hamad Al Thani, the son of a former Qatari Prime Minister, is Chairman of the Qatar Islamic Bank.

He said his interest was a private initiative from his Nine Two Foundation and not affiliated with the State of Qatar.

His representatives also visited Old Trafford last week for talks that were understood to be positive and constructive.

Little or nothing is known about other potential bidders, but it has been reported that US hedge fund Elliott Management has made a proposal that would include offering financing to either new bidders or the Glazers.

Sir Jim Ratcliffe, who made an unsuccessful £4.25billion bid to buy Chelsea in 2022, visited Old Trafford last week.

The 70-year-old businessman was born in the Manchester area and has been a United fan since childhood. With an estimated private fortune of £6 billion, he is one of the richest people in Britain.

Both parties – who are the only groups who have publicly expressed their interest – visited Manchester United for meetings last week.

The deals are being handled by the Raine group, but it’s understood the Glazer family is divided over whether to sell the club or keep a minority stake.