Man United Takeover: Premier League: The sale of Manchester United is set for its third round and the deadline is finalized. The takeover saga is fast approaching. It’s reported that the deadline for the third round of takeover bids is 10 pm this Friday. Follow Premier League LIVE updates with InsideSport.IN.
🚨The deadline for third #mufc takeover bids is 10pm Friday 28 April. [@TelegraphDucker] pic.twitter.com/vCxkvZ9yi8
— The United Stand (@UnitedStandMUFC) April 27, 2023
Currently, two bidders are fighting to win the race for the Red Devils. The current owners want all final bids to be submitted to the Raine Group by April 28. This is the third round of takeover bids and the Glazer family is supposed to get the expected bid for the club.
Manchester United are seeing two bidders to get the deal done by Friday. Qatari banker Sheikh Jassim bin Hamad Al Thani and INEOS chief Sir Jim Ratcliffe are leading the race. Meanwhile, both bidders are yet to meet the asking price of the Glazer family.
It’s believed the Glazer family wants £ 6 billion for their 69 per cent stake and extra money will be required to invest in the club’s infrastructure. INEOS chief Sir Jim Ratcliffe had a talk with the current owner and he is willing to make a deal that would see Avram and Joel Glazer ‘remain stakeholders’ of the club.
The Old Trafford club was on sale since November last year and the bidding war continues. It was supposed to complete by the first quarter of this year but surprisingly, no bid has met the actual amount of the Glazer family.
Ratcliffe and Sheikh Jassim have visited the owners in Manchester. Ratcliffe also went to club’s training ground where he met Erik ten Hag, In two rounds of bids, both bidders failed to impress the owners and the final bid is now scheduled at 10 PM tomorrow.
Ratcliffe leads the race and he made a proposal that involves buying a controlling stake of just more than 50 per cent for his petrochemicals firm INEOS. It has 20 percent remaining in the possession of Avram and Joel Glazer. Rest 30 percent will stay with different investment groups. NEOS group only wants to invest in the club if it takes a controlling stake.
INEOS also willing to ‘offer the owners the chance to sell entirely or keep the 20 percent stake’ by the final day of the bid which is on tomorrow.
Journalist Ben Jacobs thinks Ratcliffe is ultimately being flexible and is looking to take the major part.
“A big twist in the MUFC sale process. Sir Jim Ratcliffe is prepared to offer Joel and Avram Glazer a route to stay. Under such a structure, Ratcliffe would gain control and leave Joel and Avram with around 20%,” Jacobs tweeted.
A big twist in the #MUFC sale process. Sir Jim Ratcliffe is prepared to offer Joel and Avram Glazer a route to stay. Under such a structure, Ratcliffe would gain control and leave Joel and Avram with around 20%, as first revealed by @Lawton_Times and @MikeKeegan_DM. pic.twitter.com/n3yFYavlUM
— Ben Jacobs (@JacobsBen) April 26, 2023
Meanwhile, Sheikh Jassim remains clear on taking 100 percent of the club rather than a minority stake. Glazer family pushed the process in last two months but they are likely to close the takeover process by Friday.
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