According to reports, Manchester United had received two takeover bids by last Friday evening. The Glazer family had set a deadline of 17th February to receive any bids for the potential takeover. Both Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al Thani have made identical offers of £5 billion each.
These initial bids are only “indicative”, and in the next stage, the bidders will be given more relevant information on the club’s finances. The bids will only be confirmed after the second stage. Let’s take a look at the bidders and how will they move forward:
Sheikh Jassim Bin Hamad Al Thani
The Qatari investors confirmed their participation in the Manchester United takeover attempt on late Friday. The investors are led by Sheikh Jassim Bin Hamad Al Thani, the chairman of Qatar Islamic Bank.
The Qatari sheikh, an ardent United fan, made the bid public via a statement:
“Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club.”
“The bid plans to return the Club to its former glories both on and off the pitch, and — above all — will seek to place the fans at the heart of Manchester United Football Club once more.”
“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 centre, 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. More details of the bid will be released, when appropriate, if and when the bid process develops.”
Sir Jim Ratcliffe
Just a short while later, British millionaire Sir Jim Ratcliffe was also reported to have submitted a bid. The 70-year-old has been linked with a takeover of Manchester United for a while now. Ratcliffe was in talks with banks Goldman Sachs and Morgan Stanley to finance the huge amount.
Manchester Evening News reported that Ratcliffe wanted to “put the Manchester back in Manchester United.” INEOS released a statement confirming the bid:
“Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club.”
“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 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.”
Elliot Management Investments
American hedge funds giants Elliot Management Investments have also made a “last-gasp” bid to help with part-ownership and debt management. The hedge fund, led by Paul Singer, do not wish to buy a majority of the club. Rather, they would like to finance a bid from any interested party.
A Change in the Glazers’ Stand?
However, there is the possibility of yet another twist in the tale. Manchester Evening News understands that current co-chairmen Joel and Avram Glazer are also considering buying out their siblings. Furthermore, the Glazers are also unwilling to budge on their initial asking price of £6 billion.
This is a whopping £1 billion shorter than any of the current bids. This demand could seriously put a full takeover in doubt, especially if the investors refuse to raise their existing bids. Elliot Management’s willingness for a part-ownership deal makes such a situation all the more likely.
Tell us your thoughts on the Manchester United takeover situation. Would you be happy to see the Glazers remain at the helm? Let us know in the comments.
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