The second round bids for the purchase of Manchester United are expected to be placed on Wednesday, 22nd March. Sheikh Jassim bin Hamad Al Thani and Jim Ratcliffe are considered to be the frontrunners to buy the club from the Glazers.
By India Today Sports Desk: The second round bids for the potential sale of Manchester United is expected on Wednesday, 22nd March, following a string of high-level meetings last week.
Sheikh Jassim bin Hamad Al Thani and Jim Ratcliffe are considered to be the frontrunners to buy the club from the Glazers, who are the current owners of United.
Sheikh Jassim is the chairman of Qatar Islamic Bank and the son of a former Qatari Prime Minister. He wants to take 100 % ownership of United and intent on investing club’s stadium and training facilities.
Ratcliffe is the owner of petrochemicals giant INEOS and is intent on buying a majority stake in the former Premier League champions. Representatives of Sheikh Jassim had tourred Old Trafford and visited the club’s training facilities last week and met with the club’s officials. Ratcliffe also held talks with the club last week and was pictured being greated by the club’s CEO Richard Arnold.
American investment firm Elliott Management has also held talks with a view to provide capital for potential takeover bids or other finance options.
Indicative bids were made to the American merchant bank Raine last month, with both parties submitting their first overs to the Glazers. Raine had handled the sale of Chelsea last year to Todd Boehly and Clearlake Capital for about $3 billion.
According to the Associated Press, the second round bids can be expected on Wednesday, 22nd March. The bids are expected to be placed before a deadline of 9 pm on Wednesday.
If the sale does go through, Manchester United could end up being the most expensive sports team in history, with the price expected to go up to $ 6 billion.
The potential buyers of the club would also have to invest in the redevelop of Old Trafford, which is estimated to cost about $1 billion.