Manchester United sale: Two confirmed bidders as Sheikh Jassim bin Hamad al-Thani rivals Sir Jim Ratcliffe

Sport

18-02-2023, 21:40

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INA - SOURCES

The soft deadline has passed and two prospective buyers have put their head above the parapet to confirm their interest in Manchester United. Should the Glazer family conclude that they do indeed want to cash out at Old Trafford, it seems so likely, perhaps even inevitable, that the Red Devils will become the most valuable sports franchise ever sold, eclipsing the $4.65 billion a consortium paid for the Denver Broncos in 2022.

It would represent a return for the Glazers, who completed a $1.4bn leveraged buyout of United in 2005 to the anger of most supporters. A great many of those who felt so betrayed in the first place have never come on board with the current owners, who continued to enjoy success in the early years of their tenure, but who, since the retirement of Sir Alex Ferguson in 2013, have shown no ability to turn one of the sport's wealthiest clubs into a serial trophy winner.

On Friday night at 5 p.m. ET the soft deadline set by selling bank Raine Capital passed, a point at which any interested parties were asked to put together a proposal. Strictly speaking because Manchester United are a publicly traded company on the New York Stock Exchange there is nothing stopping interested parties from entering the race at a later stage, but after early concerns that the Glazers' demands had priced out the competition there are offers on the table for ownership to consider.

Ineos, owned by Sir Jim Ratcliffe, were among the firsts to declare their interest and, having publicly announced that they had started the process of bidding for United, it was no surprise that they formally entered the race on Friday night. "We can confirm that Sir Jim Ratcliffe & INEOS submitted a bid for majority ownership of Manchester United," said a spokesperson on Saturday morning. "We would see our role as long-term custodians of Manchester United on behalf of the fans and wider community.

The only bidder to have so far stated publicly that they have made an offer is Sheikh Jassim bin Hamad al-Thani, who released a statement on Friday via Nine Two Foundation. "Sheikh Jassim bin Hamad al-Thani today confirmed his submission of a bid for 100% of Manchester United," it said. "The bid plans to return the club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United once more.