Man United takeover battle turns into FARCE as bids from Qatar and Sir Jim Ratcliffe are revealed NOT to have been submitted before Wednesday’s soft deadline, despite both groups claiming they were
The battle for Manchester United turned into a farce last night as the initial deadline for second bids passed.
Representatives from the Qatar-based group and those of Sir Jim Ratcliffe had both claimed their offers had come in before the 9pm close.
But confusion reigned afterwards, with sources at Manchester United strongly denying any offer from either had come through, claiming that both had actually asked for more time, which was granted.
The offers, of around £5bn, both of which would represent a world record for a sports club, were intended to fall before the 9pm deadline set by the US bank handling the process.
But while both groups confirmed that their bids had been received, it later became clear that this was not the case. Sportsmail understands that no new deadline has been set, but the offers are now likely to be made on Thursday or Friday.
The Qatar-based group and Sir Jim Ratcliffe need more time to process bids for Manchester United
INEOS CEO Ratcliffe was one of two parties to make a second bid for the club
Both groups believe they are the only two willing to buy the club outright, which will do little to push the price up 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 firm Ineos will not pay a penny, which they say would be excessive.
Sheikh Jassim remains committed to the bid and is confident of success despite last night’s furor.
Sources close to the Qatar bid say they are ready to go and believe their bid is 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 push the price up to a level where the Glazers would be willing to let the Premier League giants go.
It is also clear that some distance remains between their expected bids and what the Glazers had initially wanted.
The current record, of £3.71 billion paid to the NFL’s Denver Broncos, would easily be eclipsed, but United’s current owners would be looking for more than £6 billion.
A number of factors could prevent this from becoming a reality. An Old Trafford in dire need of investment would set the buyer at a further bill of £1bn to £2bn and more.
Ratcliffe and Sheikh Jassim visited Old Trafford for talks ahead of the deadline this week
The club’s Carrington training base is also in need of a costly upgrade. Then there’s the prospect of what was to be a summer transfer market that would require heavy investment in Erik ten Hag’s third-placed squad – 19 points behind league leaders Arsenal -.
The Glazers have partial investment offers. Those would provide the resources needed for upgrades. However, the prospect of anything other than a full sale would likely cause outrage among parts of United’s backing.
Fans have already brought banners to Old Trafford calling for full sales and chants of ‘We want Glazers out’ are commonplace at matches.
After the European Super League debacle, United’s match with Liverpool was abandoned due to protests from supporters.
The prospect of such toxicity – and the potential damage to the brand if the Glazers don’t leave – may be something to consider.
Raine, the group leading the trial, is expected to respond in the next seven days, despite the delay.
At that stage, a final round of bidding can be triggered, or the Americans can choose to enter into an exclusivity period with a chosen group.
At that point, full access to the financial records would be granted for a final round of negotiations.
