Manchester United takeover: Glazers push sale deadline to June amid adamancy on GBP 5 billion deal value
FollowManchester United takeover is set for a delay until June this year, as the Glazers have pushed the deadline in a determination to meet their preferred value of £5 billion, despite convincing bids from Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe.
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English giants Manchester United has been put on sale by its current owners, the Glazer family, since late last year, while the previous month saw some bids being received during the soft deadline, as Sheikh Jassim bin Hamad Al Thani of Qatar and Sir Jim Ratcliffe, Britain’s wealthiest man, confirmed their proposals publicly.
The Raine Group is facilitating the sale, as the bidding evaluation process entered its second stage last week. However, it was widely reported that the Glazers value the club at around £6 billion but would not be willing to sell it for anything less than £5 billion. The Telegraph reports that the American owners are unsatisfied with the current bid valuation and have pushed the sale deadline to June this year.
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Nevertheless, it must be noted that delegations from Sheikh Jassim’s bid and Ratcliffe’s Ineos Group will be attending a face-to-face meeting with the Glazers and the Raine Group to present a detailed presentation about their bids. At the same time, sources also indicate that about four groups have bid for the club.
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As per insiders, the bidders will be granted access to the club’s financial information, along with a closer examination of Old Trafford and United’s training base in Carrington, which is expected to require a substantial investment for redevelopment. While US hedge fund Elliott Management is looking to finance a takeover deal through an interested party, having previously owned Italian giants AC Milan, Ares, MSD Partners and Oaktree Capital are the other US hedge funds interested in financing the takeover.
