Manchester United takeover took a bizarre turn after Sheikh Jassim and Jim Ratcliffe failed to place their improved bids on Wednesday, leading to an extension of the deadline. Here's why it happened.
English giants Manchester United are going through the possible sale phase, as its current owners put the club up for sale last November. After the initial round of bidding last month, a second improved round of bidding was conducted, and Wednesday was the deadline. In contrast, reports indicated that Qatar banker Sheikh Jassim bin Hamad bin Al Thani and British billionaire Sir Jim Ratcliffe (INEOS chairman) led the race.
On Wednesday, it was initially reported by multiple media houses in the United Kingdom (UK) that the two said parties had placed their bids, with Al Thani's bid being considered the most promising one, who is eyeing a complete takeover of the club. However, on Wednesday night, conflicting reports emerged that Raine Group, which is handling United's sale process, did not receive bids from either party.
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Consequently, The Sun reports that the deadline for submitting improved bids has been extended until Friday at 9 PM (GMT). However, if a report from Manchester Evening News is to be believed, the two parties could come up with bids by Thursday. In the meantime, Sky Sports has reported that the Glazers are eager to sell the club and want it to happen by the end of the season.
Here's how things transpired on Wednesday (UK timings):
- 9 PM: The deadline for the second improved bids passed.
- 9.10 PM: Qatar claims to have made a renewed, enhanced, debt-free world-record bid.
- 9.45 PM: Raine Group states bids have yet to be received from Al Thani or Ratcliffe, while the Qataris had sought an extension along with INEOS, which was granted.
- 10.25 PM: Raine Group informs of having received several bids for United takeover before the deadline, barring Al Thani and Ratcliffe.
- 10.45 PM: Qatari notified bid was not submitted because the extension was granted, and Al Thani opted to wait.
- 10.50 PM: Al Thani's sources indicated that the bid was ready and no extra time was needed.
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Although the Glazers are yet to officially reveal the asking price for United, it is said to be around £6 billion, despite the club being valued at £4.5bn by Forbes. There is a feeling that Qatar will eventually win the race with the best bid. While it would take a week for Raine Group to evaluate the offers, Sky reports that there could be another round of bidding involving a selected small group of the preferred bidders, which could eventually boil down to Al Thani and Ratcliffe.