Sheikh Jassim Bin Hamad Al-Thani has submitted an improved bid for Manchester United in a dramatic last-ditch bid to complete a full takeover of the club.
The Qatari banker’s Nine Two Foundation made the new offer on Tuesday morning in an effort to steal a march on rival Sir Jim Ratcliffe’s INEOS group, who were widely reported to be favourites to complete a deal last week.
Qatari sources were surprised by those claims and insisted to i they were still “very much in play” in terms of the takeover. There was always a suspicion that the briefings were an attempt by those running the process to encourage further offers and if that was the case, it has proved successful.
Sheikh Jassim’s new bid is an improvement on his group’s last offer although sources refused to be drawn on a valuation. It is, however, understood to be a substantial uplift on the offer made at the end of April.
The bid is for 100 per cent control, will clear the club’s debt and includes a seperate fund directed solely at the club and local community.
Sheikh Jassim’s group are also committed to revamping Old Trafford, the club’s training ground and making substantial funds available to Erik ten Hag to make the club a competitive force in the Premier League and Europe once more.
A third and supposedly final round of bids was invited at the end of April but it is clear that the process is ongoing, with talks between Raine – the bankers overseeing the process – and the two main bidders ongoing.
It remains to be seen whether Ratcliffe’s INEOS group will respond with a fresh offer of their own but insiders feel that the latest developments are proof that there is still some distance left to run in the protracted saga.
No bid has yet been given exclusivity and a source close to the process told i: “It really now comes down to whether the Glazers want to sell or not.”
The INEOS offer comes with the provision for Avram and Joel Glazer to remain as minority stakeholders and in proportional terms values the club higher than Sheikh Jassim. But the offer from Qatar is higher in simple terms.
There are also offers on the table for minority stakes which are yet to be discounted.
The family are split on whether to sell and the presence of Avram at the women’s FA Cup final over the weekend was a clear sign he remains engaged in club business. Fans, however, appear overwhelmingly against them remaining at the club – with protest groups like The 1958 holding marches to demand a full sale.
The latest developments come against a backdrop of uncertainty for the club.
The Manchester United Supporters Trust (Must) and high-profile former players like Gary Neville have called for the process to be expedited but Raine’s decision to prolong it in the hope of extracting further offers has proved succesful.
That will please the Glazers but whether that is what is best for the club is far from clear cut.
from Football - inews.co.uk https://ift.tt/hFLW3Pj
Post a Comment