Man United Takeover Battle Descends Into Farce as It Emerges Bid From Qatar Was Not Lodged Before Wednesday Deadline Despite Claiming It Was
The battle for Manchester United descended into a farce last night as the initial deadline for second bids passed. Representatives of the Qatar-based group and of Sir Jim Ratcliffe had both claimed that their offers had gone in before the 9 pm cut-off. But confusion subsequently reigned, with Manchester United’s sources strongly denying that a bid from either had materialised and stating that both had actually asked for more time, which was granted.
The offers of around £5bn, which would both represent a world record fee for a sports club – were meant to drop ahead of the 9 pm deadline set by the US bank handling the process. But while both groups confirmed their bids had gone in, it later became apparent that was not the case. No new deadline has been set but the offers are now likely to be made on Thursday or Friday.
Both Sheikh Jassim bin Hamad al-Thani’s group and Ratcliffe’s Ineos firm will not pay a figure they feel would be over the odds. Sheikh Jassim remains committed to the bid and confident of success, despite last night’s furore. Sources close to the Qatar-based bid say they are ready to go and feel their offer will be best for the club, the fans and the community. The two groups believe they are the only parties interested in buying the club rather than taking a partial stake, which is also on the table.
That perceived lack of competition from elsewhere will do little to drive up the price to a level at which the Glazers would be prepared to let the Premier League giants go. It is also understood that there remains some distance between their expected bids and what the Glazers had initially wanted. A number of factors may well prevent that from becoming a reality. An Old Trafford desperately in need of investment would land the buyer with another bill of anywhere from £1bn to £2bn and beyond.
