Manchester United bidders expect to hear back from Raine Group THIS WEEK as share price slumps 13%
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Manchester United bidders expect to hear from the Raine Group THIS WEEK as the share price tumbles 13% amid fears Glazers wants to retain control of the club despite offers from Qatari investors and Sir Jim Ratcliffe.
- Man United bidders are waiting to hear back on the next steps to buy the club.
- Sheikh Jassim bin Hamad al-Thani and Sir Jim Ratcliffe are favorites
- The club’s share price has fallen to 13 per cent amid fears the Glazers won’t sell
Bidders for Manchester United expect to hear from those in charge of the process this week.
Sportsmail understands that US commercial bankers, the Raine Group, will contact those who have submitted offers to buy or make an investment in the Premier League giants in the coming days, according to those with knowledge of the situation.
The development comes after another difficult day for the club’s share price. The figure skyrocketed when this newspaper revealed that an offer from Qatar would be submitted earlier this month.
However, following reports that the owners, the Glazer family, are considering retaining control of United at one stage yesterday, the price had fallen by around 13 percent.
So far, there are two known parties that want to buy the club. An offer from Qatari Sheikh Jassim bin Hamad al-Thani, who is for full control, and an offer from British billionaire Sir Jim Ratcliffe to take a majority stake.
Bidders hoping to buy Man United expect to hear about the next steps this week.
The leading candidates to buy United are Sheikh Jassim bin Hamad al-Thani (L) and Jim Ratcliffe (R)
A ‘soft deadline’ for bids fell on February 17. Raine has been reviewing the offers before the next process. Candidates are expected to have access to United’s full financials after they are given a look after their initial expressions of interest.
Early offers are unlikely to be accepted, with a set negotiation period to follow. There is a belief that the Glazers are seeking around £6bn, a valuation that some see as unrealistic.
As with the bidding process for the sale of Chelsea, also overseen by Raine, it is possible that some of the groups involved will contact each other to form consortia.
Anti-Glazer sentiment has been commonplace at United games this season, but the volume increased during the Carabao Cup final on Sunday, with Avram Glazer in attendance.
As United neared their first trophy in five seasons, loud chants of ‘We want Glazers gone’ could be heard from the United section, while some carried anti-Glazer banners.
However, the club’s share price has plunged 13 per cent amid fears the Glazers won’t sell.
United hoping to build on their success under new ownership after winning the Carabao Cup
Aside from the offers to take over the club, there are investment offers that Avram and his brother Joel could theoretically use to pay the other four members of the family and rebuild Old Trafford and the club’s training ground.
How that would affect supporters remains to be seen. Following United’s support of the European Super League, later aborted, their match with Liverpool on 21 May was abandoned when protesting fans managed to storm Old Trafford.
Al-Thani, the son of a former prime minister and chairman of one of Qatar’s largest banks, is believed to have watched the match with his family at his home in Doha. He is known as a United fan and friends of his say he wears the club’s shirt in weekly five-a-side matches.
Meanwhile, Sportsmail understands there is some consternation among several of the bidders that they have yet to receive a response after the deadline.
That sentiment was exacerbated by reports over the weekend that offers for the club were below the Glazers’ valuation, which came after Raine told those in the process to stay put. dumbed down.