Rival bidders have been asked to submit their final offers by the end of April; there are believed to be seven interested parties, the majority of whom want to buy a minority stake in the club; Sheikh Jassim and Sir Jim Ratcliffe are expected to put in final offers before the deadline
Tuesday 11 April 2023 22:33, UK
Manchester United's sale process is going to enter a third round of bidding.
Rival bidders have been asked by Raine Group, the firm handling the sale, to submit their final offers by the end of April.
There are believed to be seven interested parties, the majority of whom want to buy a minority stake in the club.
The two leading bidders who want to buy out the Glazers - Sheikh Jassim and Sir Jim Ratcliffe - are both expected to put in final offers before the deadline.
The Glazers want at least £6bn to sell United.
Sheikh Jassim is believed to be "willing to overpay" for United with a figure closer to the Glazers' valuation.
It was previously understood the Qatari bidders were determined not to pay over the odds for the club, but that stance softened after his delegation's visit to Old Trafford in March.
Sheikh Jassim's representatives asked for an extension in the previous round of bidding, but the Qatari group did eventually submit an offer which is said to be highly competitive but also considered and rational.
British billionaire Ratcliffe's INEOS delegation also visited Old Trafford and Carrington before making a second bid for United.
Elliott Management has made an offer to buy a minority stake in the club. The US hedge fund has also offered to finance other parties interested in investing in United and that offer still stands.
Gary Neville has called the Glazers "classless" after it emerged that the takeover process would enter a third round of bidding.
"Taking it to a third round is just classless," the Sky Sports pundit posted on Twitter.
"The market has obviously not given them the answer they want! It's like they've made a pact to each other that they won't go for less than £1bn each family member. If they stay in after all this it will be toxic!"
A look at the publicly-known bidders for Manchester United...
Sheikh Jassim Bin Hamad Al Thani
The Qatari sheikh is the chairman of Qatar Islamic Bank, one of his country's biggest banks. His father Hamad Bin Jassim Bin Jaber Al Thani is a former prime minister of the Middle East state. There is relatively little information about him in the public domain, but it is known he attended boarding school in the UK and went on to the Royal Military Academy at Sandhurst, during which time he apparently fell in love with United.
Amid potential controversy about state ownership of clubs, Sheikh Jassim was clear when announcing his bid that his interest was a private initiative through his Nine Two Foundation. He hopes to take 100 per cent control of the club and has vowed, if he does so, to wipe all debts and invest considerably in the club and its infrastructure and support local communities.
Sir Jim Ratcliffe
The 70-year-old Manchester-born businessman is one of the richest people in Britain, with an estimated personal wealth of approximately £6bn. A boyhood United fan who grew up on a council estate, he founded the chemicals firm INEOS in 1998 and oversaw its growth to become a company now worth an estimated £50bn.
His interest in sport has become well known in recent years. He owns French Ligue 1 side Nice and Swiss Super League outfit FC Lausanne-Sport, as well as the cycling team Ineos Grenadiers. Last year he submitted a bid to buy Chelsea, where he once held a season ticket, but ultimately lost out to the American Todd Boehly.
Elliott Management
Elliott Management is a US-based hedge fund that has submitted a bid for a minor stake in Manchester United.
The firm previously owned AC Milan but made a significant profit by selling the club to RedBird Capital for €1.2bn in August 2022.
Elliott took control of AC Milan in 2018 when Chinese businessman Li Yonghong defaulted on a £300m-plus debt to the hedge fund. The firm's London-based managing partner Gordon Singer remains on the board at the Italian club having retained a minor financial interest.
Figures from Elliott, who initially indicated they would help fund a potential bidder, received a tour of Old Trafford and Carrington last week.
The firm's continued involvement in the process has led to suggestions the Glazers are looking to stay at United, with their money potentially being used to redevelop the club's stadium and facilities.
April 13: Sevilla (H) - Europa League, kick-off 8pm
April 16: Nottingham Forest (A) - Premier League, kick-off 4.30pm, live on Sky Sports
April 20: Sevilla (A) - Europa League, kick-off 8pm
April 22: Brighton (N) - FA Cup semi-final, kick-off 3pm
April 27: Tottenham (A) - Premier League, kick-off 8:15pm
April 30: Aston Villa (H) - Premier League, kick-off 2pm
May 4: Brighton (A) - Premier League, kick-off 8pm, live on Sky Sports
May 7: West Ham (A) - Premier League, kick-off 7pm
May 13: Wolves (H) - Premier League, kick-off 3pm
May 20: Bournemouth (A) - Premier League, kick-off 3pm
May 28: Fulham (H) - Premier League, kick-off 4.30pm
TBA: Chelsea (H) - Premier League
