March 16, (THEWILL) – Manchester United’s proposed takeover is heating up as interested parties were given more information about the state of the club.
A second bid for the Old Trafford club is due after representatives from the Qatari offer and rival, Sir Jim Ratcliffe, were given the opportunity to tour Old Trafford and the club’s training ground. They were also able to meet with members of various departments including football, financial, and commercial.
The duo and other interested parties have 10 days to submit their next bid. Independent assessments will be made regarding how much investment is needed for a makeover or new build of the stadium. The Glazer family, United’s owners, have entrusted US bank Raine Group to handle the process, and groups will be invited to make their second offers.
The Raine Group played a crucial role in the sale of Chelsea earlier this year. The financial advisors were appointed as ‘exclusive financial advisors’ to broker an agreement between the club and the government, with Roman Abramovich being forced to sell the club. The Raine Group oversaw the auction, which attracted numerous interested parties before US investor Todd Boehly won the bidding for £2.5 billion. Their appointment as exclusive financial advisors shows the seriousness of United in getting a buyer for the club.
With significant investment needed to bring the club up to par, the decision on who will take over at Manchester United is eagerly anticipated. As interested parties prepare their second bids, fans and observers alike will be keeping a close eye on developments.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
