Man United sale: Qatari sheikh makes third and final bid ahead of latest deadline - sources

Posted Saturday, April 29, 2023 by ESPN

Sheikh Jassim bin Hamad Al-Thani submitted his third and final bid to buy Manchester United on Friday and remains confident it will be successful despite concerns current owners, the Glazer Family, are determined to stay, sources have told ESPN.

Raine Group, the merchant bank handling the process for the Glazers, were expecting a third round of offers by 10 p.m. BST (5 p.m. ET) on Friday before naming a preferred bidder to enter into a period of exclusivity.

The bid from Qatar-backed Sheikh Jassim would remove all debt and includes a figure to buy the club as well as additional capital and infrastructure investment, sources added.

INEOS, fronted by British billionaire Sir Jim Ratcliffe, also submitted a new bid ahead of the deadline, while proposals will be put forward by groups seeking to buy a minority stake including Elliott Management, Ares Management Corporation, Sixth Street and Carlyle.

Sources have told ESPN that INEOS have discussed an offer which would include Joel and Avram Glazer, the two siblings most involved at Old Trafford, to retain a stake in the club -- a move that has already prompted significant backlash from fans.

Sheikh Jassim is only interested in purchasing 100% of the shares and completing a full takeover and there is belief within his consortium that the offer will be lucrative enough to tempt the Glazers to sell.

The key stumbling block up until now has been the Glazers' valuation of around £6 billion, despite financial experts valuing the club at closer to £3bn.

The Glazers announced in November they would look at "strategic alternatives" including a full sale or investment. Sources have told ESPN that club staff were told to expect "clarity" on the ownership situation by the end of the season, just over a month away.

There are fears among supporters that the Glazers, who led a leveraged buyout of United in 2005, will accept minority investment and stay in control at Old Trafford.

Fans are planning to protest ahead of Sunday's Premier League clash against Aston Villa with organisers asking for an 18-minute boycott at the start of the game to mark each year the Glazers have owned United.