The race to buy Manchester United reaches a critical juncture on Wednesday, when suitors must make revised bids for the Premier League heavyweights.Information Guide Nigeria
Rival bids have been submitted by Qatari banker Sheikh Jassim Bin Hamad Al Thani and British businessman Jim Ratcliffe.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaSeveral other groups’ interest in United has reportedly kept private during a bidding war that has heated up this week.
Elliott Investment Management is said to have advanced to the next step of the process, albeit the firm is thought to be giving finance to United’s owners, the Glazer family, rather than a takeover.
Those interested in purchasing United must submit an offer to Raine, the merchant bank brought in to aid the club, by 2100 GMT on Wednesday.
At least six bids, possibly eight, are expected to be lodged, with offers for complete control as well as smaller holdings in United included.
The Glazers have reportedly set a worth of £6 billion ($7.3 billion) for the club they purchased for £750 million in a highly leveraged deal in 2005.
The original bids for United last month were thought to be worth roughly £4.5 billion.
That would be more than the Premier League record £4.25 billion paid for Chelsea last year by a consortium led by American Todd Boehly.
Sheikh Jassim is said to be preparing to submit a second indicative proposal before the deadline.
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However, INEOS chemical firm founder Ratcliffe, a lifelong United fan, has been more cautious in his judgment of the process, stating that he will not pay a “stupid” sum as the bidding war for one of football’s most historic clubs heats up.NYSC Portal
“How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint,” Ratcliffe told the Wall Street Journal this week.
“What you don’t want to do is pay stupid prices for things because then you regret it subsequently.”
After a delegation from Sheikh Jassim’s organization toured Old Trafford and the club’s Carrington training ground to undertake more conversations as part of their due diligence, Ratcliffe and INEOS representatives paid a visit to United last Friday.
Sheikh Jassim has stated that he will pay off the club’s debts.
Ratcliffe wants the Glazer family’s 69 percent ownership, but he might team up with another bidder to seize total control of the 20-time English champions.
It is still possible that the Glazers would refuse to sell if their asking price is not met, which would enrage big sections of United’s fanbase, who have long protested the club’s controversial American owners.
United is anticipated to contact the consortiums that make better offers next week, with another round of bidding still open.
If one group’s proposal outperforms the others by a significant margin, they may be chosen to enter into a period of exclusivity, which would involve additional negotiations before a final sale.
According to reports, the Glazers want any prospective sale to be completed in the summer, giving new owners time to settle in before the crucial close-season transfer window.
United haven’t won the Premier League since renowned manager Alex Ferguson won it in his final season before retiring in 2013.
This season, they have enjoyed a revival under Erik ten Hag, winning the League Cup final against Newcastle in February to secure the club’s first major trophy in six years.JAMB Result
Ten Hag’s side is now third in the Premier League and will face Brighton in the FA Cup semi-finals.
