Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani have had their bids to buy Manchester United through to the next stage. At least one more unknown bidder has advanced to the next round, in which all parties will visit the Raine Group later this month at Old Trafford before being granted access to the precise financial information that will allow them to make solid offers. Sheikh Jassim and Ratcliffe want to buy Manchester United, while others want a part of the club. Sheikh Jassim feels his debt-free bid is the greatest bid on the table for the club and the community and “is in it to win it”. Sheikh Jassim is still keen to buy United from the Glazers, and the Qatari investor has decided not to attend the Carabao Cup final because he believes it is inappropriate in the circumstances.
Sir Jim Ratcliffe is also still motivated to purchase Manchester United and is fully dedicated to his proposal. The owner of INEOS believes he has made an excellent offer that will transform the club into a model of progressive, fan-centred ownership. Both of the top bidders are willing to pay a premium to buy a trophy asset like United, but their initial preliminary proposals have fallen short of the Glazer family’s reputed £6 billion asking price for the club.
Elliott Management, Oaktree Management, and Oaktree Capital have presented Raine with ideas that include providing funding to bidders or purchasing a minority stake in the club. The fact that Sheikh Jassim and Ratcliffe have advanced to the next step of the process appears to indicate that, despite worries, the Glazer family is willing to sell the club for the proper price.
“It is crucial (news) because it indicates that the Glazer family is serious about Manchester United. The deadline for interested parties to submit their initial bids was two weeks ago, and for the past two weeks Raine Bank, the investment bank overseeing the sale, and the Glazer family have been reviewing the bids and selecting the ones that will proceed to the next round,” Kaveh Solhekol said. “According to our understanding, the proposal sponsored by Sheikh Jassim bin Hamad Al Thani of Qatar has advanced to the next level, along with the bid from Sir Jim Ratcliffe, and we have been told that one other unnamed bidder may also have advanced to the next stage.”
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