Manchester United for sale, extension on bids approved for buyers
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Qataris believe that they will have the best offer for Manchester United, the fans, and the club's community altogether.
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Old Trafford, Manchester, Britain - January 22, 2022, General view of the corner flag inside the stadium before the match (Reuters)
Qatari investors preparing to make a bid to buy Premier League club Manchester United asked for an extension to submit second bids. The extension was granted for Qatar's Sheikh Jassim and Sir Jim Ratcliffe's INEOS.
The firm handling the sale of Manchester United, Raine Group, granted extensions so that the contenders can submit second bids.
Both of the top bidders had not submitted their improved offer by Wednesday at 9 pm, the original deadline.
After the deadline had passed, the top bidders claimed to make a new improved bid. As such, the bidders asked for an extension which Raine Group granted.
Read more: Man Utd may be sold for highest record of £5bln as bid deadline nears
It is understood that almost eight bids were sent to Raine by Wednesday night. Not all bids are to buy United outright.
The Qataris believe that they will have the best offer for the club, the fans, and the club's community altogether.
While both leading contenders make their bids, it is not clear if there is a favorite at the present. The highest bid reached was 4.5 billion pounds, which was well short of the Glazer family's [owners of the club] widely-reported 6 billion pounds asking price.
The Raine Group and the Glazers will take almost a week to evaluate the new bids. No deadlines have yet been announced for the Qatari condensers.
Another round of bids could take place and one bidder could be given exclusivity once the bids are evaluated.
Ratcliffe says he will not pay a "stupid" price for United but his interest in the club would be "purely in winning things," calling the club a "community asset".
Shaikh Jassim, on the other hand, visited Old Trafford to assess what they could do with their capital investment regarding its infrastructure, youth development, and women's team.
In reality, any bid of more than 3.75 billion pounds would break the world record for a sports club sale.
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