The Qatari banker bidding to buy Manchester United has submitted a fifth and improved offer for the club and warned his group will stop engaging with the process on Friday if it is not accepted.
In a sign that the long-running takeover saga could finally be coming to a conclusion, Sheikh Jassim bin Hamad Al-Thani’s Nine Two Foundation has submitted what sources have indicated is a “final” offer for the club.
“It is time for the Glazers to make a decision one way or another for the sake of everyone involved. As it has done all along, it really is about whether the Glazers want to sell or not,” a source told i.
It’s understood that Sheikh Jassim will “stop engaging” with the process on Friday, which means he will no longer negotiate but the offer will still stand.
The bid is understood to be an improvement on the previous offer but falls short of the Glazers’ £6bn valuation. The latest move by Sheikh Jassim’s camp is a sign of growing frustration about the drawn-out process, with them believing a resolution is required to help the club’s efforts to strengthen in the transfer window.
Sir Jim Ratcliffe’s Ineos group has widely been viewed as front-runner to assume control of Manchester Utd from the Glazer family, not least because their offer is structured in a way that would allow Joel and Avram to retain a stake in the club.
But Sheikh Jassim’s camp believe that is not necessarily a reflection of the state of play, with high-level talks taking place in private with the Glazer family and sale broker The Raine Group over the last fortnight.
Those negotiations have led to the latest bid from Sheikh Jassim which he hopes will draw a line under the process.
Sources close to the process have told i that the bid represents an “enormous premium” on United’s current share price, and stressed the offer is for 100 per cent of the club, will be a cash transaction, and will wipe its debts.
As with previous offers it comes with additional funding that has been set aside for infrastructure improvements, player acquisitions and “other investment needs”.
There is clear frustration at the amount of time it is taking to make a decision on the club’s future. The takeover process began in November and both parties have been asked to fulfil a number of obligations and meet several deadlines.
But as yet no exclusivity has been granted, which has led to fears it will impact on planning for a crucial transfer window. Even after a deal is agreed, it could take up to eight weeks for the agreement and new owners to be ratified.
In what is being taken as a sign of confidence within Ratcliffe’s camp, plans have been drawn up for what a post-takeover hierarchy would look like.
The Glazers also have the option of accepting offers for a minority stake in the club which would provide them with the funds to rebuild Old Trafford and also invest in the transfer window – but that is widely unpopular among the fanbase.
Manchester United Supporters Trust (MUST) called that a “worst case scenario” in April.
from Football - inews.co.uk https://ift.tt/uZthG8f
Post a Comment