Third bidder joins process as next stage kicks in over proposed sale
Bidders including Sir Jim Ratcliffe’s Ineos and Sheikh Jassim Bin Hamad Al Thani have reportedly moved on to the next phase of the process, which could lead to a takeover of Manchester United.
This part includes access to data room information and gives bidders the opportunity to conduct due diligence. However, it is expected it could be a slow process as bidders ponder the details of the club’s commercial deals.
Sheikh Jassim and Ineos confirmed their bids to buy United from the Glazer family last month and are the only bidders to go public.
Sources close to wealthy banker Sheikh Jassim insist he is bidding alone as a private individual, with no direct or indirect support from the state of Qatar or the country’s sovereign wealth fund, the Qatar Investment Authority.
The Manchester United Supporters’ Trust has raised concerns over ownership of several clubs – Qatar Sports Investments controls Paris St Germain – and human rights.
Sheikh Jassim has hinted his bid would put the Old Trafford club out of debt.
Ratcliffe, a self-proclaimed United fan, is one of the UK’s richest people with an estimated net worth of £12.5 billion following the success of his global chemicals company.
A statement from Ineos last month said: “We would view our role as long-term stewards of Manchester United on behalf of the fans and the wider community.
“We are ambitious and very competitive and would want to invest in Manchester United to make them the number one club in the world again.”
Third bidder enters the race
Meanwhile, reports on Sunday revealed an unnamed third bidder has joined the race to buy the club.
The bidders will meet with the Raine Group over the next two weeks and visit Old Trafford, with this latest under-the-radar offer – believed to have originated in the US – also making the guest list.
However, there is growing evidence that the process may not necessarily result in a sale. It is said that two of the Glazer brothers, co-chairs Joel and Avram, are not interested in a sale.
This attitude is largely due to the fact that none of the bids made have reached the club’s £6billion valuation.
READ MORE: Secret bidders, compromises and Glazer’s gameplay are all part of the countdown to a potential sale
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