...By Judah Olanisebee for TDPel Media.
Latest on the Potential Manchester United Takeover Bids
The deadline for the final round of takeover bids for Manchester United has passed, with the Qatari consortium fronted by Sheikh Jassim bin Hamad and INEOS owner Sir Jim Ratcliffe being the frontrunners in the race to buy the club.
Background on Manchester United’s Current Ownership and Fan Concerns
The Glazers have held a stake in Manchester United since March 2003 and became majority owners in June 2005.
Since Sir Alex Ferguson’s retirement as manager in 2013, the club’s failure to continue its dominance of English football has raised concerns and frustrations among United supporters.
As a result, the majority of fans are eager to see the Glazers sell the club, and the takeover process has become fairly lengthy and drawn-out in recent weeks.
Who Is Interested in Buying Manchester United?
INEOS owner Sir Jim Ratcliffe, the UK’s richest man, has declared his intention to buy Manchester United, with his bid being made through INEOS, a British chemical company that he owns.
Ratcliffe, a boyhood United fan and former Chelsea season-ticket holder, has reportedly convinced UK banking behemoths JP Morgan and Goldman Sachs to back him.
The Qatar Investment Authority (QIA), which owns Paris Saint-Germain as well as the Shard and Harrods, is also in the running to acquire Manchester United.
UEFA prohibits parties from owning multiple clubs, but PSG was purchased by a separate arm, Qatar Sports Investments, which gives the Sheikh Jassim-backed QIA, with a public wealth worth £400bn, the green light to take over United.
The Qatari bid is reported to have tipped past £5bn for the bid ahead of Friday’s 10 pm deadline.
Other reported bids, including from Elon Musk, a consortium from Saudi Arabia, and from Finnish businessman Thomas Zilliacus, are not expected to be successful.
How Much Is Manchester United Likely to Cost?
The Glazers are seeking offers up to the £6bn mark, but the New York Stock Exchange values Manchester United at £2.9bn, with its maximum worth at only £3.2bn.
In comparison, PSG cost just £60m when purchased by QSI in 2011, and a sale of Manchester United to the tune of £2.9bn would fall short of the £4.25bn that Todd Boehly and Behdad Eghbali paid for Chelsea last year.
When Is the Deadline for Takeover Bids?
The initial deadline for the first round of bids was on Friday, February 17, with a second round following after the major consortiums met with United staff members.
The final deadline for the bidding process was Friday, with no further updates on the decision.
When Could a Deal Go Through?
The Glazers are currently in the driving seat, and it is unclear when they might sell the club.
While a deal could potentially be finalised before the end of the season, the timeline could be longer than expected.
The sale of Chelsea took only three months, but a Manchester United sale is likely to take longer.
