14 March 2023 , 11:28
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The Glazers are in a standoff with the prospective bidders for Manchester United, having already pushed back their deadline to complete a sale of the club.
The Americans are seeking either a full takeover or partial investment in the Red Devils as their reign as owners enters its 18th year. They have become deeply unpopular among supporters, with United last winning the Premier League title a decade ago.
Two groups have so far gone public with their bids for a full takeover. The first is led by Sir Jim Ratcliffe of chemical giant Ineos, while the other is fronted by Qatari banker Shiekh Jassim bin Hamad Al Thani.
The process is now in its second stage, with presentations and meetings being held between representatives of the bidders and the Raine Group, who are overseeing the process on United's behalf.
According to NBC Sports, the intial intention was for a sale or for investment to be confirmed by the end of the first quarter of this year. That deadline has now been pushed back.
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None of the bids so far meet the Glazers' £5billion valuation of the Red Devils, with the offers thought to be in the £4.5bn mark. A standoff has now been created, with a compromise needed either from the Glazers or the bidders.
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Sir Jim Ratcliffe is one of two public bidders seeking a full takeover (VALERY HACHE/AFP via Getty Images)It is still unknown if the American family will actually end up following through with a sale. The Glazers have alrrady pushed back the deadline to agree investment or a takeover until the end of May.
They are understood to hope that the extension will be able to help them extract a higher bid from the interested parties. At least four parties are understood to have some interest in the Red Devils.
So far Ratcliffe and Al Thani are the only public bidders looking for a full takeover. Elliott Sports Management, the former owners of AC Milan, are interested in providing investment into the club.
Al Thani's bid is for a full takeover, while clearing the club of its debt, something Ratcliffe is unwilling to match. While he has not pledged to free the Red Devils from their debt, Ratcliffe is confident of succeeding.
He has already employed Ineos director of sport Sir Dave Brailsford to assemble a team to carry out his plans for the club. Meetings between Ratcliffe, Al Thani and the Raine Group are expected to take place imminently.