There has been a new twist as two potential new owners of Manchester United were given extra time to make their bids as a deadline came and went.
Per our partners in the UK at Sky News, the deadline for second offers was on the evening of Wednesday, March 22.
However the two frontrunners, INEOS owner Sir Jim Ratcliffe and a group led by Qatari Sheikh Jassim bin Hamad Al Thani, both asked the Raine Group (overseeing any potential sale or investment for Manchester United) for more time to ‘fine tune their offers’ before submitting the bids.
Per the report, Raine accepted the request for more time but there is no new deadline for bids to be in by.
The Glazer family continue to explore either the full or partial sale of the Premier League giants.
Over the last few months the American family have been seeking potential investors in Manchester United and they have not been short of suitors.
Presentations have been taking place between potential new owners and investors and the Man United hierarchy over the last few weeks.
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Two bids have now taken center stage as they arrived before the first, well-documented, deadline but then things have stalled a little ahead of the second deadline and after both groups toured the Manchester clubs facilities last week.
One bid is from INEOS owner Sir Jim Ratcliffe, who failed to buy Chelsea last year but was always said to prefer a bid for his boyhood club Manchester United.
“How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint. What you don’t want to do is pay stupid prices for things because then you regret it subsequently,” Ratcliffe told The Wall Street Journal.
Another bid is led by Qatari Sheikh Jassim bin Hamad Al Thani, who is seeking full control of the club and is the chairman of Qatar Islamic Bank as his father was the former prime minister of Qatar.
The Glazer family bought United in 2005 for $1.4 billion and it is believed they are now asking over $7.3 billion for a full sale of the club.
Statement from INEOS
Sir Jim Ratcliffe’s INEOS confirmed they have ‘submitted a bid for majority ownership of Manchester United’ and went into more detail on their plans.
“We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community. We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again.
“We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership. We want a Manchester United anchored in its proud history and roots in the northwest of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League.”
Statement from Qatari bid
The Qatari bid, led by Sheikh Jassim, promised that their offer is ‘completely debt free’ and they want United to become ‘the greatest football club in the world’ during their stewardship of the club.
“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training center, the stadium and wider infrastructure, the fan experience and the communities the club supports.
“The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world.”
