The revised bids submitted to buy Manchester United will fall short of the Glazer family’s valuation of the club, according to a report in ESPN.
Manchester United announced in November last year that its Board of Directors are commencing a process to explore strategic alternatives, including a potential sale of the club. Manchester United also appointed Raine Group – who oversaw the sale of Chelsea to a consortium led by Todd Boehy – as their exclusive financial advisors.
Chairman of Qatar Islamic Bank, Sheikh Jassim Bin Hamad Al Thani, via Nine Two Foundation, and INEOS chairman, Sir Jim Ratcliffe submitted their revised bids to buy Manchester United earlier this month. Finnish entrepreneur Thomas Zilliacus also tabled a bid to buy the Old Trafford outfit.
Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe have both increased their bid from what they initially tabled, but ESPN reports that it still falls short of the £6bn valuation the Glazer family are holding out for.
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Despite the bids not meeting the Glazer family’s valuation of the club, ESPN report that there is still hope a buyout can happen. There is hope that the Glazer family might accept a compromise fee to allow the takeover of Manchester United.
All the parties who have tabled bids for Manchester United are now waiting to hear from the Raine Group on what the next stage of the process will look like. Raine Group could choose to invite parties for a third round of bids or choose a preferred bidder.
ESPN also reported that Man Utd staff have been told to expect clarity on the ownership situation by the end of the ongoing 22/23 campaign.
The report also states that there is an acceptance that contract extensions for key players and plans for the summer transfer window will be impacted by whoever is in charge of the club.
Marcus Rashford, who has been impressive for Manchester United this season, are among the players whose current contract expires in 2024.
Meanwhile, it remains to be seen what decision the Glazer family takes with regards to the ownership situation of Manchester United. Will they hold out for their valuation of Man Utd or accept any of the bids already tabled. Only time will tell.
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