Man Utd takeover: Bidders given new ’10-day’ deadline after ‘classified information’ surfaces
Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe have reportedly been given a ’10-day’ deadline to up their bids to buy Man Utd.
Man Utd were put up for sale last November as the Glazer family announced they would “evaluate all options”, with a full takeover an option.
Sheikh Jassim and Ratcliffe have made their interest public in recent months but their bids have fallen short of the Glazer family’s reported £6bn asking price.
Conflicting reports have emerged over the Glazer family’s stance on a takeover. It was suggested last month that they could pull the plug on a ‘full sale’. Instead, they could look to secure investment from a third party that would help them modernize Old Trafford and the club’s Carrington training ground.
The Daily Mail are reporting that Jassim’s representatives and Ratcliffe are ‘heading to Old Trafford this week for presentations’.
Jassim will not be in attendance himself but his team will head to the stadium on Thursday, while it will ‘be the turn of’ Ratcliffe on Friday.
It is understood that they will ‘meet members of various departments, including football, financial and commercial, while also taking tours of the club’s iconic home and training ground, both of which are in need of significant investment.’
The interested parties have ‘been told they have 10 days to submit their next bid’ for Man Utd. The report then details what the next step will be.
‘Independent assessments of how much would be needed for a makeover – or a makeover or new build in the case of the stadium – will then be made.
‘Groups will then be invited to make their second offers to US bank Raine Group, who are handling the process on behalf of United’s owners the Glazer family.
‘Raine will then consult with the Glazers before deciding upon a preferred bidder.
‘At that stage, the selected offer will then be given full access to the club’s accounts. They could then negotiate further, before a deal is reached.’
A separate report from Football Insider states that ‘the Glazer family’s indecision about whether to stay or go is genuine, as opposed to a Machiavellian attempt to whip two bidders whose valuations are currently well short of the family’s own £6bn assessment into action’.
This is while ‘it is not clear’ why the Qataris and Ratcliffe opted to ‘relay classified information about the takeover process to the media’.
The same outlet reported earlier this month that Sheikh Jassim and Ratcliffe have ‘ignored demands’ from the Raine Group who wanted to ‘keep certain details of the process closely contained’.
It has been noted that this ‘directive’ from the Raine Group ‘has been flouted’ on ‘several instances’ by the bidders.
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