The Manchester United takeover process continues to stagger on, with Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani waiting for the Glazers to sell
Sir Jim Ratcliffe is still hopeful of buying Manchester United
The protracted Manchester United takeover process overseen by the Glazer family has not put off the two leading bidders, according to reports.
The Glazers announced on November 22 that they were beginning a process to “explore strategic alternatives” for United. It has now been 302 days since that announcement and, despite several deadlines, the club appears no closer to being sold.
INEOS billionaire Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani emerged as the two most likely candidates and have both been confident of buying the Glazers’ shares in the club. The process has dragged on with the Glazers holding out for higher bids than the £5billion valuation that Ratcliffe and Sheikh Jassim have reached.
Nevertheless, Sky Sports reports that both candidates still want to buy the club, despite being put through the wringer by the Glazers over the past 10 months. The situation now sees both sides holding their nerve in the hope the Glazers crack.
The deeply unpopular United owners are understood to want £6bn for their 67 per cent stake in the club. But the club’s poor form on the pitch and problems off it has sent the share price on the New York Stock Exchange on a downward trend.
According to The Athletic, United’s chief executive Richard Arnold told club staff the sale process remains ongoing at a forum on Monday. He also urged his employees to “hang tight” amid the difficult situation enveloping the club.
United supporters have continually protested against the Glazers’ ownership. The American billionaires have owned since a debt-leveraged buyout in 2005, but there is still no guarantee that they will sell and leave.
Avram and Joel Glazer are still holding out for more money (
Image:
Getty Images)
The original statement from the Glazers read: “There can be no assurance that the review being undertaken will result in any transaction involving the Company.” Staying is a possibility for Joel and Avram Glazer, who are the most involved in the club. While Kevin, Bryan, Darcie and Edward are understood to be keen to cash out and walk away, the other two siblings are more reluctant.
Ratcliffe, who was born in Failsworth, Greater Manchester, is bidding to buy the Glazers’ stake of the club. The 70-year-old already has experience in football through his ownership of French side Nice and also invested in sailing and motorsport.
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Sheikh Jassim, meanwhile, wants to purchase 100 per cent of the club, complete a full takeover from the Glazer family and “return the club to its former glories both on and off the pitch”. The mysterious Qatari banker is popular with the club’s fans because his takeover would result in the Glazers leaving.
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