Manchester United sale: Qatar's Sheikh Jassim, Jim Ratcliffe's INEOS given extensions to submit second bids
Mar 23, 2023
Manchester [UK], March 23 : Qatar's Sheikh Jassim and Jim Ratcliffe's INEOS have been given extensions to submit their second bids to buy the English football club Manchester United.
Both of the top bidders have not submitted their improved offers by Wednesday's 9 PM deadline. As per Sky Sports News, the Glazers Family does not want to sell the club.
The Glazer family have still not given indications on how much they want for United. Even the most senior people involved are not aware of the asking price.
It is understood that approaching eight bids were sent to Raine Group on Wednesday night, but not all are to buy United outright. Raine Group is the firm handling the sale of the club.
The Qataris have a belief that they will have the best offer for the club, fans and the community.
Sheikh Jassim and Ratcliffe are the leading contenders but currently, there are no favourites. The highest first-round bids have valued the club at round £4.5bn - which falls short of the Glazer family's widely reported asking price of £6bn.
The Raine Group and Glazers will evaluate the new bids for around a week and one bidder could be given exclusivity. Although it is more likely there will be another round of bids, with a small group of preferred bids.
Ratcliffe and INEOS delegation's approach has been described as impressive and sophisticated. They had paid a six-hour visit to the club last Friday.
Ratcliffe said that his interest in the club would be "purely in winning things" and he will not pay a "stupid" price to buy the club. He called the club a "community asset".
It was understood earlier that Qatari bidders wanted not to pay over the odds for the club, but that stance has softened as of late coinciding with a delegation's visit to Old Trafford.
A Qatari delegation had travelled to Manchester and received a warm welcome. Talks were held for longer than expected, for 10 hours.
Sheikh Jassim and members of his team have been to Old Trafford as fans earlier and their visit had the aim of gaining perspective on what they would do with their capital investment regarding infrastructure, youth development and women's team.
Any bid of more than £3.75bn would be a record-breaking fee for a sports club, a price at which Denver Broncos were sold last summer.
