Man Utd takeover at ‘advanced stage’ but ‘lack of harmony’ threatens to end one bidder’s chances
The takeover of Man Utd is now at an ‘advanced stage’ with INEOS founder Sir Jim Ratcliffe still in the driving seat, according to reports.
Both Sheikh Jassim, the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister, and his rival Sir Jim Ratcliffe had submitted what had been expected to be their third and final bids for the club last month.
But amid growing confidence in the Ratcliffe camp, Sheikh Jassim has increased the value of his offer, which as before is for 100 per cent of the club, will clear all debt and includes a separate fund directed solely at the club and community.
Officials and staff inside Old Trafford are eager for clarity over the takeover situation, which began in November when Man Utd announced that the board was exploring “strategic alternatives” to enhance the club’s growth, with a full sale one option being considered.
Despite a fresh bid from Sheikh Jassim, The Athletic have spoken to sources ‘close to the deal’ who are ‘now reporting confidence from Sir Jim Ratcliffe’s team that his INEOS bid will be successful’.
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The Athletic have revealed the biggest indications that a deal with Ratcliffe is at an ‘advanced stage’, they claim:
‘Notably, in a new development, bankers associated with past acquisitions by petrochemicals giant INEOS were very recently instructed to pull together specific financing for the United deal, indicating an advanced stage of talks.
‘At United’s training ground and Old Trafford, staff have been asked to dig out facts and figures that would be used for due diligence.’
While the Qatar bid hasn’t been running quite as smoothly with The Athletic adding that there ‘has been a distinct lack of harmony in conversations involving Raine and Sheikh Jassim’s camp’.
The report adds: ‘One source also claimed the friction had prompted those in Sheikh Jassim’s circle to go direct to the Glazers at least once. Perhaps this fresh bid is the result of that.’
Another bid from Sheikh Jassim has not been ruled out by the report, despite their fresh offer yesterday, with his camp ‘not giving up’ on buying Man Utd but a new bid will depend on ‘what feedback they receive’.
Sheikh Jassim was the first prospective owner to publicly confirm a bid during the first round back in February and was soon joined by Ratcliffe, the Manchester-born owner of INEOS.
The first quarter of the year was initially recognised as a key time in a process that has rumbled on and threatened to overshadow United’s push for a Champions League qualification place.
February’s soft deadline was followed by a second deadline in March for those that progressed, with Raine Group, brought in to oversee the sale, then asking interested parties for their third and final bid on April 28.
Man Utd fans have made clear their desire for a full buy-out from the Glazers, who have been unpopular since their leveraged takeover of the club in 2005.
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