Sheikh Jassim, Jim Ratcliffe ‘through to second round of Man Utd bidding process’
Prospective Manchester United buyers Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe are reportedly through to the second round of the process to take over the 20-time English champions.
The Red Devils’ much-criticised owners the Glazer family set a soft deadline of Friday February 17 for takeover bids to be tabled, with Ratcliffe and Sheikh Jassim submitting their offers before the cut-off point.
However, neither prospective buyer met the Americans’ £6bn asking price for the club – with their offers coming in at £4.5bn – leading to increased doubt whether the Glazers would still be open to a full sale.
Over the past few days, it has been reported that the Glazers are split on whether they want to sell the club outright or only welcome minority investment, with Joel Glazer and Avram Glazer in favour of remaining in control.
Nevertheless, Sky Sports News claims that both Sheikh Jassim and Ratcliffe have progressed to the next stage and will meet with Raine Group – who are overseeing the takeover process – next week.
The report states that both parties will be able to access detailed financial records, thereby helping them to formulate firm offers for a full takeover.
While Sheikh Jassim is willing to wipe off Man United’s outstanding debts – believed to be in the region of £1bn – Ratcliffe is not willing to do the same, putting him at a disadvantage in the race.
Furthermore, Sheikh Jassim supposedly feels that his offer would be more beneficial for the club and supporters, but Ratcliffe still has faith in his offer and intends on overseeing a change in approach to fan-centred ownership.
However, all of Elliott Management, Oaktree Management and Oaktree Capital are said to have sent proposals to Raine Group for a minority stake or to help finance bids for a full takeover.
Avram Glazer was in attendance for Man United’s EFL Cup final win over Newcastle United last weekend, but the family’s ownership has been littered with controversy since they assumed full control in 2005.
Tensions between fans and the owners boiled over in the wake of the 2021 European Super League debacle, as protests outside Old Trafford led to fans breaking into the stadium and stepping foot onto the Old Trafford turf.
Despite the progress with Sheikh Jassim and Ratcliffe’s offers, any takeover is unlikely to be completed before May while the Glazers remain at odds over their future with the club.
Man United’s EFL Cup triumph marked their first piece of major silverware since the 2017 Europa League, and Erik ten Hag has led the Red Devils to third in the Premier League table after 24 games of the 2022-23 season.
Man United sit 14 points adrift of leaders Arsenal with two games in hand and are next in action away to old foes Liverpool on Sunday afternoon.
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