Sir Jim Ratcliffe and Sheikh Jassim will submit additional proposals for the purchase of Manchester United as the deadline is being extended due to confusion.
Following a deadline extension requested by them on Wednesday night due to confusion, neos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim will submit improved offers to purchase Manchester United.
The deadline for second, revised offers was given to bidders as 21:00 GMT.
Several potential investors reportedly met the first deadline, according to BBC Sport.
The new deadline’s exact date is unknown.
The only publicly acknowledged bidders are Ratcliffe and Sheikh Jassim.
At first on Wednesday night, there had been definite signs that the pair had made new bids.
It is now known that both parties requested additional time from Raine, the investment bank managing the sale, throughout the course of the previous 24 hours. This request was granted.
According to a person familiar with the negotiations, the situation is “live and fast moving,” although it is believed that Sheikh Jassim and Ineos are both committed to making second offers.
But, the unusual development in the selling process will only increase some fans’ worries that the club’s American owners, the Glazer family, would opt not to sell it.
Although the Qataris want to own 100% of the club, Ineos wants to purchase the aggregate 69% of Glazer shares.
In March, representatives from the United met with each side.
newest Manchester United news, analysis, and supporter opinions
Get Man United news alerts.
Listen to the most recent episode of The Devils’ Advocate
According to information obtained by BBC Sport, United officials recently held high-level discussions with eight different possible investors over the course of ten days, including Ratcliffe and Sheikh Jassim’s agents.
Although the size of their initial bids has not been made public, there are reports that both were in the neighborhood of £4.5 billion. Nevertheless, they were obviously much lower than the Glazers’ established valuation of £5-6 billion, which would break the record of £3.71 billion paid for a sports team.
The next crucial question is whether they can make a bid that convinces the Glazers to sell, or whether any other potential buyers can.
If not, the Americans may still decide to keep the club and perhaps instead look to sell a minority part to companies like US hedge fund Elliott Investment Management. United’s finances have substantially improved in recent months under manager Erik ten Hag.
The Glazer family revealed in November that they were thinking about parting with United.
Sheikh Jassim’s Qatari group stated in its original bid announcement that it “want to restore the club to its former glories.”
Sheikh Jassim, the son of a former Qatari prime minister and chairman of Qatari bank QIB, is said to have been a lifelong supporter of Manchester United.
Nice of the French Ligue 1 and Lausanne of Switzerland are owned by the Ineos group, which is owned by British millionaire Ratcliffe, 70.
In addition, it has a five-year collaboration with the Formula 1 team Mercedes and high-profile sailing team Ineos Britannia, commanded by Sir Ben Ainslie, in its sporting portfolio. In cycling, it took over the British-based Team Sky in 2019.
It was known at the time of the initial bid that its plan would emphasize that Ratcliffe, a Manchester native, would serve as “a British custodian for the club” and would seek to “bring the Manchester back into Manchester United.”
