On Friday, Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire Jim Ratcliffe made their third and final bids for Manchester United.
Sheikh Jassim is in a bidding war with Ratcliffe to purchase the Premier League club from the Glazer family.
While Sheikh Jassim’s latest offer is said to be worth more than £5 billion ($6.2 billion), Ratcliffe’s improved bid had yet to be made public when the deadline for the third round of bidding passed at 2100 GMT on Friday.
According to sources, Sheikh Jassim’s bid for 100 percent ownership of the club comes with the promise of substantial additional funding for transfers and infrastructure.
The funds would be used to either renovate or build a new stadium for Manchester United, as well as to upgrade the club’s training facilities.
Sheikh Jassim’s offer also includes a promise to pay off United’s $620 million debt.
Ratcliffe, the founder of the INEOS chemical company who failed in his attempt to buy Chelsea last year, reportedly wants to buy a controlling stake in United worth more than 50%.
This would allow United’s executive co-chairmen Joel and Avram Glazer to remain shareholders with a 20% stake, which has alarmed a fanbase weary of the Americans’ contentious reign.
The Glazers are reportedly seeking a world record £6 billion fee for a sports club before agreeing to sell the Old Trafford club, raising the possibility that they will reject both Sheikh Jassim’s offer and Ratcliffe’s approach.
The Glazers, who have been deeply unpopular with supporters since saddled the club with debt in a £790 million leveraged takeover in 2005, appeared ready to cash out at a huge profit when they first invited external investment in November.
However, Elliot Investment Management and The Carlyle Group are among the private equity firms looking for a minority stake that would allow the Glazers to retain control while funding infrastructure investment.
Avram and Joel Glazer are said to want to keep their stakes in United, while siblings and fellow directors Kevin, Bryan, and Edward Glazer, as well as Darcie Glazer Kassewitz, are willing to sell theirs.
The last round of bidding, which was run for the Glazers by New York merchant bank the Raine Group, was thought to be worth up to £5 billion.
That would have broken the Premier League record of £2.5 billion paid for Chelsea last year by a consortium led by Los Angeles Dodgers co-owner Todd Boehly and private equity firm Clearlake Capital, with a further £1.75 billion in infrastructure and player investment promised.
– ‘Dire need –
The Manchester United Supporters’ Trust (MUST) has called for the process to be completed quickly so that new owners can be in place for the summer transfer window.
“We are in desperate need of new investment, which unquestionably necessitates new ownership.” MUST, along with United fans worldwide, is calling for this process to be completed as soon as possible,” the fans’ group said in a statement.
United fans are reportedly planning a protest against the Glazers ahead of Sunday’s match at Old Trafford against Aston Villa.
– Decade of Decline –
United has been in a steady decline on and off the field under the Glazers’ ownership over the last decade.
The club’s revenue has fallen behind rivals Manchester City and Liverpool due to a lack of regular Champions League football and a failure to modernize Old Trafford.
This season, however, they are enjoying a renaissance under Erik ten Hag’s management, having ended a six-year trophy drought by lifting the League Cup in February.
On June 3, they will also face Manchester City in the FA Cup final.
A successful Qatari bid would give the Gulf state pride of place in the Premier League, the world’s most-watched domestic competition, just months after hosting the 2022 World Cup.
Sheikh Jassim, on the other hand, is the son of former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jaber Al Thani, and his close ties to the ruling elite of the gulf state raise concerns about another Premier League club becoming a state-backed project.
Outside contender is Finnish tycoon Thomas Zilliacus, who recently stated that his offer from the second round of bidding was still valid despite calling the lengthy sale process a “farce.”
