published by, ritayan basu
Last Update: March 21, 2023, 21:53 IST
Manchester United’s Old Trafford
The next stage of the process involved meetings with Manchester United’s business and key executives before a fresh bid could be submitted.
A second round of bidding to buy Manchester United is due to take place on Wednesday, following a series of high-level meetings last week.
Representatives of Sheikh Jassim bin Hamad Al Thani visited Old Trafford and the club’s training ground last Thursday, meeting with United officials. Jim Ratcliffe held talks with the Premier League club on Friday and was greeted by chief executive Richard Arnold. US investment firm Elliott Management has also held meetings with a view to providing capital for takeover bids or other financing options.
Indicative offers were submitted to US merchant bank Rhine last month, with Sheikh Jassim and Ratcliffe confirming their intention to buy United’s current owners, the Glazer family.
The next stage of the process involved meetings with United’s business and key executives before fresh bids were submitted.
Sheikh Jassim is the chairman of the Qatar Islamic Bank and the son of the former Prime Minister of Qatar. He is aiming to take 100% ownership of United and intends to invest in the club’s stadium and training facilities. He sent real estate consultants as part of his delegation last week.
Ratcliffe is the billionaire owner of petrochemicals giant INEOS and is making a bid for majority ownership after a failed attempt to buy Chelsea last year.
United is expected to become the most expensive sports team in history, estimated to be worth up to $6 billion.
Last year, Rainey oversaw the sale of Chelsea to Todd Bohli and Clearlake Capital for around $3 billion. The Denver Broncos were sold last year to Walmart heir Rob Walton and his daughter and son-in-law for a record $4.65 billion.
United’s potential new owners may also have to spend around $1 billion to redevelop the stadium.
Sheikh Jassim and Ratcliffe remain the only bidders to have publicly announced their interest in the 20-time English league champions. There is still a possibility the Glazers could opt against a full sale of the club as they explore “strategic options”.
A second bid for United will be placed by 9 pm on Wednesday night.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
