Battle for Man Utd. heats up ahead of deadline for improved bids

Thursday, 23 March 2023 00:14 - - {{hitsCtrl.values.hits}}

LONDON, AFP: The race to buy Manchester United enters a crucial stage on Wednesday as bidders face a deadline to submit improved offers for the Premier League giants.

Qatari banker Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe have rival bids on the table.

There are reported to be several other groups whose interest in United has remained private throughout a bidding war which has intensified this week.

Elliott Investment Management reportedly made it through to the second stage of the process, although the firm is believed to be offering funding to United owners, the Glazer family, rather than a takeover.

Those who want to buy United have to declare their offer to Raine, the merchant bank brought in to assist the club, by 21:00 GMT on Wednesday.

At least six bids, possibly rising to eight, are expected to be submitted, with those comprised of offers for full control as well as smaller stakes in United.

The Glazers have reportedly set a 6 billion figure ($ 7.3 billion) for their valuation of a club they bought for $ 750 million in a highly-leveraged deal in 2005.

The initial offers for United last month were believed to have been worth around $ 4.5 billion.

That would surpass the Premier League record $ 4.25 billion paid for Chelsea by a consortium fronted by American Todd Boehly last year.