New bids for Manchester United expected in next 24 hours after initial deadline extended
A new deadline for bids to buy Manchester United.
A new report from the Daily Mail claims that new bids for Manchester United are set to come in the next 24 hours.
Initially, the deadline for the same was Wednesday, March 22, 9pm, but in unexpected circumstances, none of the two expected bids arrived as the date was extended.
It is expected that the two public bidders, Sheikh Jassim of Qatar, and boyhood United fan Sir Jim Ratcliffe, would be at the forefront of the process again.
On Manchester United – bids now expected to land in next 24 hours. As per @Lawton_Times Elliott Group have now lodged bid for minority stake, along with offer to fund others. More @MailSport shortly. #mufc
— Mike Keegan (@MikeKeegan_DM) March 23, 2023
Besides these two bidders, Elliot Management, an investment fund from the USA, also known for once owning AC Milan, has offered to buy a minority stake in the club, along with offering to finance the prospective bids.
Manchester United bidding process – What we know so far
The Glazers value the club north of £6 billion and have so far stuck to their valuation. After the first round of bids, where no bidder was able to match this valuation, a second round was started. While the picture of the total number of bidders remains hazy, with some outlets claiming there are as many as eight potential bidders, only two- Sheikh Jassim and Sir Jim Ratcliffe, have made their interest public.
Before the start of the second round, both public bidders visited Old Trafford to have a look at the club’s accounts to get a better view of their potential investment.
Also read: Deep dive into the pros and cons of the two public bidders
A game of poker has played out in the media throughout the whole process. Some reports have gone as far as to stress that Glazers might not sell a majority stake at all. This is where Elliott Management comes into the picture. However, with the direction this process has gone in, especially with the visit of Sheikh Jassim and Sir Jim Ratcliffe in the public eye, a prospect of a full sale remains the most likely one.
Sir Jim Ratcliffe and his INEOS delegation leaving Old Trafford [@danroan] pic.twitter.com/qvK2fumprC
— utdreport (@utdreport) March 17, 2023
A sale of this magnitude is not without its hiccups and in an oft-repeated line in this sage, the next 24 hours will be crucial. The picture might get clear on the number of serious bidders with an actual chance at owning the club. Also, the prospect of Glazers only selling a minority stake for financing should be resolved too.
Either way, United fans haven’t got much choice but to wait with bated breaths and hope whatever the future has in place for the club, it is heading in a successful direction.
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