Man Utd takeover – news: Sir Jim Ratcliffe and Ineos submit improved bid for club
Sir Jim Ratcliffe and Qatari banker Sheikh Jassim are the frontrunners in takeover from the Glazer family
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Neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline, The Independent understands.
Both parties had until 9pm to submit their offers but have instead asked for an extension, which they were granted. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn.
Ratcliffe’s INEOS group and the bid fronted by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist it emerged the Raine group received neither offer. An extension to the process has been granted, however, and both Ratcliffe and Sheikh Jassim both intend to meet the new deadline.
The Glazers, who bought Manchester United for £790m in 2005 and saddled the club with debt, want around £6bn, which would be a record fee for a football club. Follow all the latest updates on the takeover below:
Elliott Management enter the fray to buy Manchester United
Elliott Management have made an offer to buy a minority stake of Manchester United, potentially changing the landscape of the sale. The Independent has been told the bid, which was submitted before Wednesday night’s 9pm deadline, is a small stake of the club. Figures involved with the process have long maintained that the Glazers staying on with such a deal is an option that cannot be ruled out.
The Independent had been told three weeks ago that Elliott was planning a bid for a minority stake, only for the group to say that was “categorically untrue”. While it is maintained that the offer was only decided upon after a tour of United last Thursday, numerous sources insist it has been considered for some time.
The controversial investment group previously owned AC Milan and the move into English football is understood to represent a developing policy on the UK arm of the business.
The United sale process descended into farce on Wednesday when the INEOS and Qatar groups made clear they were submitting bids - with sources even insisting that was already the case - only for both to ask for extensions. The second deadline was nevertheless always seen as “soft”, and there was never any realistic possibility of either major bidder being discounted. Numerous sources meanwhile maintain there has been some frustration with how the process has played out in public.
Greed has brought football to the brink of implosion – now the entire structure could collapse
Back in the early 1990s, a group of European football figures travelled to the United States for advice on how to grow the game, only to be given a warning by one of the American sports officials.
“If you think you’ve got problems now, wait until you start making money.”
It was counsel that has come to archly describe football in 2023.
The game’s giddy embrace of late-stage capitalism has made it an immense financial and cultural force, to the point the major American sports are now said to be “petrified” of its growing US influence ahead of the 2026 World Cup. The build-up to that, and the sport’s final and full global takeover, might nevertheless bring a breaking point in football history. That is because – as with so much in late-stage capitalism – the opulent top end is better off than ever before but the wider health of the rest has never been worse. The game has grown to a size where it is this gleaming cultural monolith but one filled with several structural faultlines.
Some of these have been revealed and widened by major stories of the last few weeks, only signalling how close we may be to something very significant.
Read Miguel Delaney’s full piece on the current state of football:
Manchester United could spark football’s ‘Big Short’ moment
Manchester United’s potential takeover by Qatar could be the faultline that sparks a “Big Short” moment for the sport
Manchester United takeover
As reported by The Independent this week, Qatar has increased their offer for Manchester United
A consideration that weighed over the entire process is whether the Gulf state would ultimately put up a bid that “blows everyone out of the water”.
There was some surprise that hasn’t been the strategy from the start, given that it would have been very easy for Qatar to go to the Glazers and say they would pay the necessary amount before it all got under way. Some industry figures believe that is down to not playing their hand so early.
Others, somewhat connected to that, believe it is part of a new strategy from the state to illustrate these are proper business investments.
“They will try to pay the right price,” one source said, “but they are adamant they won’t overpay.”
New bidder enters race to buy Manchester United
Finnish businessman Thomas Zilliacus has entered the race to buy Manchester United. He has previous experience of owning a football club in Finland, though that was in the 1980s.
The deadline for second bids passed yesterday, though it is believed that deadline has been extended according to the wishes of both Sir Jim Ratcliffe and Qatar’s Sheikh Jassim Bin Hamad Al Thani who are the frontrunners in the race.
Zilliacus’ net worth is not publicly known, though he is not thought to be worth as much as British billionaire Ratcliffe or have the available money that Qatari banker Al Thani does.
Here is his statement in full: ”Any sport club ultimately should belong to its fans. The current development, where billionaire sheiks and oligarks take over clubs and control them as their personal playgrounds is not a healthy trend.
“The current market value of the club is just under 3.9 billion USD. That means that if every one of the fans of the club would join in buying the club, the total sum per fan would amount to less than 6 dollars. My bid is built on equality with the fans.
“My group will finance half of the sum needed to take over the club, and will ask the fans, through a new company that is being set up for this specific purpose, to participate for the other half. If every fan joins it means less than 3 dollars per fan.
“Each fan who joins will have access to an app which the fan, from anywhere in the world, can use to participate and cast his vote when deciding on footballing matters relating to the club. No decisions will be taken that are not supported by a majority of the fan base.
“Manchester United should not only be the best football club in the world, it should also be the leading club in the world in working to stop abuse, racism and hate speech in social media and on sports grounds.
“Should we be successful in our bid we will ensure that Manchester United, the best football club in the world, will operate on a foundation of respect, equality, dignity, diversity, racial harmony and democracy, and with its global fan base included and involved in all decisions.”
What is the difference between Sheikh Jassim and Sir Jim Ratcliffe’s bids?
Although neither Sheikh Jassim nor Sir Jim Ratcliffe is thought to have surpassed £5bn with their initial bids, both are expected to get closer to the mark second time around - after they were granted an extension to the initial deadline of 9pm yesterday.
However, the two bids were for different stakes of ownership and brought different options to the table for Manchester United as a football club.
Sheikh Jassim wants to complete a full takeover of United, meaning he would buy the Glazer family’s 69 per cent and then purchase the remaining 31 per cent, which is made up of smaller investors. This could take some time as he would have to contact and negotiate with each investor to buy out their shares.
The Qatari banker has also made several pledges to invest in specific areas of the club - such as renovating the stadium - leaving United in debt following the cash purchase.
Ratcliffe’s bid is only for the Glazers’ 69 per cent and a majority shareholder stake. At this stage he is not offering to buy out the remaining shareholders.
He would have to borrow money to finance any takeover and his company INEOS has not committed to paying off the club’s debt, which sits at £656 million.
Those close to his bid are saying that no new debt will be loaded onto the club but it remains to be seen if Ratcliffe would pay off the debt over time.
Manchester United not worth Glazers’ valuation says finance expert
Football finance expert Kieran Maguire says the suggestion that the Glazer family would receive more than £5bn for the Red Devils is way off the mark.
In a similar comparison, Todd Boehly’s consortium bought Chelsea for £4bn and with Manchester United being a more historically rich and successful side, not to mention more commerically viable, then the Glazers’ valuation doesn’t seem too over the top.
“Manchester United is a much bigger football club than Chelsea,” Maguire told CNN. “It’s got a bigger ground. It’s got a bigger fan base. It’s a much more well-known brand.
“It’s a bit like putting up your house for sale and you give a rough guide price. The Glazers are looking for $7.2 to $9.6 billion. It’s probably not worth that … and it comes down to how much each party is willing to compromise or to pay in terms of extra financial commitments.”
Manchester United takeover: What next?
Bids will be handled by the Raine group, but it is understood the Glazer family are split over whether they want to sell the club or retain minority ownership.
While the Qatar and INEOS bids should be on the table after today’s extended deadline, a third option would be raising funds through minority investors for renewed investment into the club.
The Glazers would want a record £6bn for the club if they decide to sell - a fee The Independent understands the Qatar group are prepared to match.
INEOS have the funds to compete with the Qatar bid but it has been reported Ratcliffe has held concerns over the price rising too high.
Manchester United takeover: Sir Jim Ratcliffe and Ineos submit improved bid
Sir Jim Ratcliffe and Ineos have submitted a revised bid for Manchester United.
The move comes after Ineos was granted an extension beyond Wednesday night’s deadline, as the bidding process for what will likely become a world record deal hots up.
After an initial offer in the region of £4 billion, one of the front-runners to succeed the Glazer family has tabled a fresh bid. A statement from an Ineos spokesperson read: “Sir Jim Ratcliffe and Ineos can confirm we have submitted a revised bid.”
The Independent has reported that Qatari banker Sheikh Jassim Bin Hamad Al Thani is also prepared to up his bid for the Old Trafford club.
Sir Jim Ratcliffe and Ineos submit improved Manchester United bid
The consortium is competing with Qatari banker Sheikh Jassim Bin Hamad Al Thani for the Old Trafford club
Sir Jim Ratcliffe makes revised bid
Confirmation has come through that Sir Jim Ratcliffe and his INEOS group have submitted their revised bid to buy Manchester United.
He had previously asked Raine, who are running the sale for the Glazers, for an extension to the 9pm deadline yesterday and that was granted.
The believed bid is thought to be around £5bn.
Manchester United takeover: Deadline for bids extended
There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.
Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.
Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.
Man Utd takeover news: Two new bidders emerge after others granted extension
Sir Jim Ratcliffe and Qatari banker Sheikh Jassim are the frontrunners in takeover from the Glazer family
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