30 April 2023 , 12:20
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The third and final deadline for offers to buy Manchester United from the Glazers passed on Friday, with INEOS owner Sir Jim Ratcliffe among those hoping to win the race.
Ratcliffe is widely viewed as one of the two main frontrunners, along with Qatari banker Sheikh Jassim bin Hamad Al Thani. While Sheikh Jassim is looking to buy 100% of the club through his Qatari Nine Two Foundation, Ratcliffe's offer is only for a controlling stake.
He is interested in purchasing the Glazer's full 69% stake in United, but has also made a proposal which would reduce his percentage and allow Avram and Joel Glazer to retain a stake in the club as minority shareholders.
And according to the BBC, Ratcliffe has technically offered more than Sheikh Jassim, with his bid the highest relative to the percentage he intends to purchase. However, Sheikh Jassim is said to remain confident about his chances of buying United, with the Telegraph stating that he believes his offer is the 'best for the club, fans and community'.
His bid is understood to be worth more than £5billion which, although short of the Glazers' £6billion asking price, would still be a world record for a sports team. Sheikh Jassim has also pledged to make the club debt free and invest in redeveloping both Old Trafford and the training ground.
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The next step in the takeover saga will be the selection of a preferred bidder, who will then be given a period of exclusivity to continue negotiations. It has been claimed a preferred bidder could be named in the next ten days.
Sir Jim Ratcliffe is hoping to buy Manchester United (PA)There are also a number of investment funds interested in purchasing a minority stake in United, but they were not set the same deadline to make their latest offer. The Glazers announced back in November that they had put the club up for sale.
However, they did admit the process may not result in a full sale and that they could retain an involvement. In a statement, they said: "The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company. There can be no assurance that the review being undertaken will result in any transaction involving the Company."