March 22 – A second round of bids to buy Manchester United is due later today with Qatar’s Sheikh Jassim bin Hamad Al Thani reportedly set to make an improved offer.
A delegation representing Sheikh Jassim flew into the UK last week for talks and he is set to get closer to the £6 billion that controversial present owners the Glazer family are valuing the club.
British billionaire Sir Jim Ratcliffe, a lifelong United fan, is also expected to submit a new bid after indicative offers were submitted to American merchant bank Raine last month.
Sheikh Jassim is chairman of Qatar Islamic Bank and the son of a former Qatari prime minister. He is aiming to take 100% ownership of United and is intent on investing in the club’s stadium and training facilities as well as wiping out debts.
Ratcliffe is the billionaire owner of petrochemicals giant INEOS and is bidding for majority ownership. The pair reportedly remain the only bidders to publicly declare their interest despite rumours about other prospective new owners. Second bids for United are due to be placed by 9pm today.
Once revised bids are submitted by interested parties, a preferred bidder will be identified by Raine Group, which is conducting the sale on behalf of the Glazers.
Ratcliffe has indicated his unwillingness to pay over the odds in an interview with the Wall Street Journal.
“What you don’t want to do is pay stupid prices for things because then you regret it subsequently,” he said.
In the same interview, Ratcliffe also said his interest in buying United was “purely in winning things” and called the club “a community asset”, rather than a financial one.
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