Qatari sheikh to launch improved bid
A consortium led by Qatari banker Sheikh Jassim bin Hamad Al-Thani will make an improved bid to purchase Manchester United on Wednesday, sources have advised ESPN.
The provide, which follows a 10-hour assembly held with the membership final Thursday, might be submitted to Raine Group earlier than the 9 p.m. UK deadline.
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British billionaire Sir Jim Ratcliffe can also be anticipated to submit a bid following comparable conferences held at Old Trafford and United’s Carrington’s coaching base on Friday.
Sources have advised ESPN that Raine Group count on different bids — not but made public — to be submitted whereas events desirous about minority funding slightly than a full takeover, together with U.S.-based hedge fund Elliott Investment Management, may also make presents.
Sources have advised ESPN that consortiums bidding for management of the membership got precedence in the course of the second spherical of the method, dealt with by Raine, however that current homeowners the Glazer Family are protecting their choices open.
They introduced in November they’d take a look at “strategic alternatives.”
Sources have advised ESPN that the Glazers worth United at round £6 billion though indicative presents obtained earlier than Raine’s preliminary comfortable deadline on Feb. 17 fell beneath their asking value.
Second presents submitted by Sheikh Jassim and Ratcliffe, chairman and CEO of chemical firm INEOS, are anticipated to be nearer to the Glazers’ valuation.
Sources shut to Sheikh Jassim’s bid imagine it’s “competitive” with officers remaining “very confident” will probably be profitable.
Ratcliffe, in the meantime, has mentioned he won’t pay a “stupid price” for the membership.
“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,” Ratcliffe advised the Wall Street Journal.
“What you don’t want to do is pay stupid prices for things because then you regret it subsequently.”
Sources have advised ESPN that United employees have been advised to count on “clarity” on the membership’s possession scenario by the tip of the season.