Man Utd bid deadline extended as Jim Ratcliffe and Sheikh Jassim prepare offers
Manchester United could reportedly end up with fewer Glazer family members in control of the club and more debt if a proposed takeover does not go through. The controversial United owners are supposedly asking for an eye-watering £6billion to sell the Premier League club.
A soft deadline of 9pm on Wednesday evening was set for the second bids to be submitted. However, Sir Jim Ratcliffe and Qatari Sheikh Jassim bin Hamad Al Thani, the two most high-profile candidates, requested an extension for their offers.
Neither bid is reportedly likely to meet the apparent valuation set by the Glazers. And it has raised concerns among fans that the family could remain at the club despite supporter-led protests against their control of the Red Devils.
Should the Glazers remain in charge of the Old Trafford outfit, some of the family could supposedly decide to part ways. It would reportedly leave the club in further debt, with it estimated that refurbishment of United’s facilities could cost at least £1bn.
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That is according to Sky Sports, who point out that the Glazers do not act as a single entity. Each member of the family thinks on their own terms and there will naturally be disagreements over certain issues.
An ‘insider’ has apparently told the broadcaster that there could be a situation where there are ‘fewer Glazers and more debt’ at Old Trafford. At the moment, the six children of the late former owner Malcolm Glazer own United. The children are Avram, Joel, Kevin, Bryan, Darcie and Edward.
Meanwhile, the Ratcliffe and Qatari bids are set to go head-to-head for the chance to buy United. There are also believed to be other offers from groups offering to secure a minority stake in the Carabao Cup champions.
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The Qatari bid is being led by Sheikh Jassim, the son of the former prime minister of the Middle Eastern nation. In his first proposal, he offered to write off the club’s debt and invest heavily in both the men’s and women’s teams, the club infrastructure, and wider community.
Ratcliffe, meanwhile, promised to ‘put the Manchester back into Manchester’ in his opening offer. The details and value of the second bids are currently unknown, although wide-ranging reports suggest they remain short of the purported £6bn asking price.
Both parties have insisted that they will not be forced to pay over the odds for United. The report adds that the Red Devils’ market cap is closer to £3.5bn.