Manchester United Takeover: Recent reports suggest that the Glazers have finally chosen a preferred bidder for Manchester United, more than six months after announcing that the club was up for sale. Follow Premier League live updates with InsideSport.IN
The Sun has reported that Sir Jim Ratcliffe is set to be identified as the preferred bidder as the process moves forward, potentially bringing an end to the Glazers’ controversial 18-year ownership of the club.
🚨 Sir Jim Ratcliffe is the Glazer family’s preferred bidder.
Insiders have indicated the Glazers would rather sell majority control of Manchester United to Ratcliffe than sell the whole club to Sheikh Jassim.
(Source: @SunSport) pic.twitter.com/BZSW6EaGD2
— Transfer News Live (@DeadlineDayLive) May 11, 2023
https://platform.twitter.com/widgets.js
After announcing their desire to secure new revenue streams for Manchester United during the World Cup, there has been much speculation about the potential sale or investment in the club.
Two candidates, British billionaire Sir Jim Ratcliffe and Qatari former banker Sheikh Jassim Bin Hamad Al Thani, have been seen as front runners in this race for ownership.
Recent reports indicate that Ratcliffe’s bid of over £5bn has been selected as the preferred option, with the Glazers set to remain as minority shareholders in the club.
It has come down to the club’s valuation
Complications have reportedly arisen during the bidding process for Manchester United, which has stretched throughout the year. It is believed that these complications are due to Joel and Avram Glazer’s desire to remain at the club.
The Raine Group, the New York-based merchant bank overseeing the sale, is reportedly nearing confirmation that the process will proceed with Ratcliffe’s bid as the frontrunner.
While Sheikh Jassim’s bid of £5bn for full control of the club was the highest offer received after three rounds of bidding, Ratcliffe’s offer for an initial 50% stake valued the club closer to the American family’s reported £6bn valuation.
The Glazers won’t be happy
Throughout the bidding process, there have been rumors of American banks and financial institutions, such as Carlyle, considering the purchase of a minority stake in Manchester United.
This investment has been discussed in the context of the Glazers retaining overall control of the club while also enabling new revenue streams to improve facilities such as Old Trafford and the club’s Carrington training ground.
It is probable that the news of Ratcliffe’s bid being selected as the preferred option will disappoint and even anger some sections of Manchester United’s support.
At the start of the year, the sale process was seen as a significant moment in the club’s history, with the expectation that the Glazers would depart from Manchester United once and for all.
