According to the PA news agency, Sheikh Jassim and Sir Jim Ratcliffe have submitted what are believed to be their final offers to purchase Manchester United from the Glazer family.
The deadline for a third offer was 10 pm on April 28, with both parties submitting proposals quickly. The offer from Sheikh Jassim, the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister, reportedly includes a pledge to invest significant amounts in capital and infrastructure and would eliminate all club debt.
Meanwhile, Manchester-born Ratcliffe, owner of INEOS, has made an updated bid for the club. Sheikh Jassim was the first potential owner to publicly announce a bid during the initial round of bids back in February.
United’s board announced in November 2021 that it was exploring strategic alternatives to boost the club’s growth, including the option of a full sale. The Glazer family, the club’s current owners, are said to value Manchester United at £6 billion, and the Raine Group was hired to oversee the process after assisting in the sale of Chelsea.
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The first quarter of the year was deemed a crucial time in a process that has continued into the latter stages of what has been a promising season on the field.
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In addition to Sheikh Jassim and Ratcliffe, Carlyle, Elliott Management, Ares Management, and Sixth Street have reportedly submitted minority investment proposals. Bloomberg reported that bidders were asked to specify the source of their funding, projected financial models, and debts that would be secured against the club.
It has also been reported that Ratcliffe may take a controlling stake of over 50%, with Avram and Joel Glazer retaining a combined 20%.
The 1958, a Manchester United supporters group, took to Twitter to express their displeasure with such a deal, stating that “if you get in bed with Glazer, you are a Glazer.”
United fans have been angry with the Glazers since their leveraged buyout of the club in 2005, and the 1958 have spearheaded protests against them for the past year. Banners protesting against the Glazers were seen at Wembley during last weekend’s FA Cup semi-final penalty shootout win over Brighton.
A boycott of the match against Aston Villa, which involves an 18-minute march and a game-time boycott, is scheduled for this Sunday.
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