Man United takeover battle turns FARCE as it emerges that offers from Qatar and Sir Jim Ratcliffe were NOT submitted before Wednesday’s deadline, despite both groups claiming they were
The battle for Manchester United turned into a farce last night when the initial deadline for second offers passed.
Representatives of the Qatar-based group and of Sir Jim Ratcliffe had claimed their bids had come in before the 9pm cut-off time.
But confusion subsequently reigned, with Manchester United sources strenuously denying that an offer from either had materialized, stating that both had asked for more time, which was granted.
The bids, around £5bn, and which would represent a world record fee for a sports club, were set to fall before a 9pm deadline set by the US bank handling the process.
But while both groups confirmed that their bids had gone in, it later became apparent that this was not the case. Sportsmail understands that no new deadline has been set, but bids are now likely to be made on Thursday or Friday.
Qatar-based group and Sir Jim Ratcliffe need more time to process Manchester United bids
INEOS CEO Ratcliffe was one of two parties preparing a second bid for the club.
Both groups believe they are the only two interested in buying the club outright, which will do little to raise the price to a level where the current owners, the Glazers, would be happy to sell.
Both Sheikh Jassim bin Hamad al-Thani’s group and Ratcliffe’s Ineos firm will not pay a figure for what they believe would be overstated.
Sheikh Jassim remains committed to the bid and confident of success, despite last night’s furore.
Qatar-based sources close to the bid say they are ready to go and feel their offer will be the 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 raise the price to a level where the Glazers would be prepared to let the Premier League giants go.
It is also understood that there is some distance between their expected offers and what the Glazers initially wanted.
The current record of £3.71bn paid by the NFL’s Denver Broncos would be comfortably eclipsed, but United’s current owners are believed to be seeking more than £6bn.
A number of factors may well prevent that from becoming a reality. An Old Trafford in desperate need of investment would give the buyer another bill of £1-2bn and more.
Ratcliffe and Sheikh Jassim visited Old Trafford for talks this week ahead of the deadline
The club’s Carrington training base is also in need of an expensive upgrade. Then there is the prospect of what would be a summer transfer market that would require heavy investment in Erik ten Hag’s third team, 19 points behind leaders Arsenal.
The Glazers have partial investment offers. Those would provide the necessary funds for the upgrades. However, the prospect of anything short of a full sale is likely to cause outrage among sections of United’s supporters.
Fans have already brought banners to Old Trafford calling for a full sale and chants of ‘We want Glazers gone’ are common at matches.
Following the European Super League debacle, United’s match with Liverpool was suspended amid protests from fans.
The prospect of such toxicity, and the potential damage it can do to the brand if the Glazers don’t leave, may well be a consideration.
Raine, the group leading the process, is expected to respond within the next seven days, despite the delay.
At that stage, a final round of bidding may be triggered, or the Americans may choose to enter an exclusivity period with a chosen group.
At that time, full access to finance would be provided for a final round of negotiations.