Qatar's Sheikh Jassim and Sir Jim Ratcliffe's INEOS previously submitted their third bids to buy Man Utd on April 28; A renewed offer on May 17 by Sheikh Jassim was launched; latest big would clear £1bn worth of debt at Man Utd and distribute ring-fenced funds for club and community
Thursday 8 June 2023 06:09, UK
Sheikh Jassim Bin Hamad Al Thani is understood to have submitted a fifth improved bid for Manchester United this week.
The club announced in November that the board was exploring strategic alternatives to enhance the club's growth, with a full sale one option being considered.
Sir Jim Ratcliffe and Sheikh Jassim both publicly confirmed initial offers in February and the latter is understood to have this week made a fifth bid to acquire United.
The offer remains for 100 per cent of the club and those involved in Sheikh Jassim's bid have indicated this will be the final bid.
Sky News understands Sheikh Jassim's bid team will not engage with the process after Friday but this latest offer follows what was called a 'final offer' in late April.
Then in May, a fourth offer - believed to be close to £5bn but shy of the Glazer family's £6bn valuation - was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club.
The third and final round of bidding concluded on April 28 but, with reports last month claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has now moved again.
Sheikh Jassim believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly £1bn worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club's Carrington training ground.
INEOS values United at a higher price than Sheik Jassim's bid but it is not for the whole club and would give the Glazers the opportunity to keep a 20 per cent stake. United's share price closed down to $18.80 on the NYSE in May, giving the club a market cap of $3.09 billion (£2.47 billion).
Sky Sports News chief reporter Kaveh Solhekol:
"Sheik Jassim is frustrated and fed up. This is a takeover process that has gone on for seven months - I think we're all frustrated with it. Sheik Jassim has said this is it. It's his fifth and final offer - take it or leave it. We understand the bid is £5bn with an extra billon to help fund the infrastructure, including players. The Glazers have until Friday to take it or leave it Sheik Jassim is a cash buyer, he's ready to go. Sir Jim Radcliffe's bid is a phased takeover, according to the Financial Times. That means he'd have 51 per cent now and the Glazers would be involved for a few more years. That would be good news for the bankers who have been making money out of Manchester United over the last 17 years.
"I've spoken to someone involved in the process and they didn't pull any punches. They said Sheik Jassim is frustrated as the transfer window opens in two weeks' time. They feel this process has been become a joke."
The Telegraph's Sam Wallace:
"For the Qataris, prestige is everything. They are absolutely in this race, they want to win. They are so far into it that they don't want to seem to be defeated. So it's about price so lo and behold, we've got a new bid."
The Daily Mirror's John Cross:
"Jim Ratcliffe would only own a share of the club and I just think that this totally misjudges the mood of Manchester United fans. Kaveh Solhekol was excellent when he said: everyone is sick and tired of this, it's time to move on. The Glazers have either got to stick or twist and make a decision sometime soon.
"I messaged a Manchester United mate of mine before coming on asking which out of Qatar or Sir Jim Ratcliffe he would prefer and he immediately said the Sheikh because it would be complete ownership, the Manchester United fans are completely sick and tired of the Glazer family and do not want that ownership anymore."
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.
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.
