The Manchester United takeover saga has taken another twist, with five bidders reportedly ready to match the club’s £5 billion ($6bn) asking price.
- Glazer family open to offers
- Sir Jim Ratcliffe keen on doing a deal
- Interest from the Middle East & America
WHAT HAPPENED? A deadline of February 17 has been set for interested parties to have bids and banking guarantees on the table, with the Glazer family prepared to sell up and move on from Old Trafford.
THE BIGGER PICTURE: Sir Jim Ratcliffe – Britain’s richest man and the owner of chemical company Ineos – is the only party to have publicly stated a desire to complete a takeover of United, with The Times reporting that he is seeking assistance from investment banks JP Morgan and Goldman Sachs when it comes to piecing together a package that will cover buyout costs and club debts in Manchester that are said to top £500 million ($606m).
AND WHAT’S MORE: The Raine Group has been placed in charge of overseeing a potential sale at Old Trafford, and The Times claims that they have received plenty of interest – both on the takeover and investment front. They believe that a figure can be achieved that is deemed acceptable to the Glazers, with it initially suggested that a deal worth between £6bn-8bn would be required in order to get an agreement over the line.
WHAT NEXT? With Ratcliffe very much in the frame, there has also been talk of interest from a fund linked to the Qatari royal family. Paris Saint-Germain owners Qatar Sports Investments are not considered to be in the running, as UEFA regulations would prevent them from controlling two major clubs, but there is reported to be potential bids being lined up by Saudi Arabian and American investment groups.
Source: Goal