March 25, (THEWILL) – Manchester United could be on the verge of new ownership after it was confirmed that Sheikh Jassim bin Hamad Al Thani has submitted an improved bid to buy the club from the Glazer family.
Bidders had been given an extension to the previous deadline of Wednesday, this week, in order to submit improved offers to purchase the club. A rival bid from Sir Jim Ratcliffe and INEOS has been confirmed in recent days, with Sheikh Jassim’s representatives now confirming that they too have upped their offer.
Initial reports suggest that Manchester United had expected to receive Sheikh Jassim’s latest bid by Friday night, although ‘finer details’ had to be sorted and it was submitted in the early hours of Saturday morning instead.
Raine Group, who are handling the sale, have also received several offers for a minority stake in United, with one notably coming from Elliott Investment Management, the former owners of AC Milan. Manchester United is valued at £6bn, and if this valuation is not met, it is expected that the Glazers will back away from deals.
The Glazers are looking to sell the iconic club before the summer transfer window. Recent bidders are likely to hear back from Raine Group in a week, and this timeline will enable the new ownership structure to be put in place before the transfer window opens. A change in ownership could bring fresh investment to the club, as well as the potential for significant changes on and off the pitch.
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.
