Manchester United’s owners the Glazers have given Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani the green light to begin formal negotiations over a potential takeover, according to reports. The development is considered a notable step towards a possible deal and provides concrete clarification that the Americans are in fact prepared to hand over the keys to Old Trafford after nearly 18 years at the helm.
So far, INEOS – owned by Ratcliffe – and the Qatari sheikh are the only two parties to publicly declare their interest in acquiring United, although there is believed to be additional interest from further afield.
With the Glazers said to be targeting a reported £5billion sale, there is still thought to be some distance from an agreement with takeover talks still at a relatively early stage.
Nonetheless, The Telegraph are now reporting that United’s American owners have now communicated that both Ratcliffe and Sheikh Jassim can begin formal negotiations as the two senior figures seek to oust one another to strike a deal.
To date, neither bid is yet to disclose exactly how much they have put on the table but it’s understood they fall short of the Glazers’ £5bn valuation.
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Raine, the American firm who are overseeing the sale, have also received proposals from US hedge funds Elliott Management, who are even prepared to let the Glazers stay as part of their bid to purchase the club.
It provides the Glazers with some food for thought and it’s believed they are open to partial investment in addition to a full sale – meaning there could be some tough decisions ahead.
Financiers Oaktree Capital and MSD Partners have also registered interest and have declared the willingness to provide funding for potential investors.
Qatar’s bid is focused on restoring United’s former glories – building on the exceptional work carried out by Erik ten Hag at Old Trafford this season.
Sheikh Jassim is striving to buy out the Glazers entirely before rebuilding the club’s facilities and that includes a new stadium and training ground.
Cristiano Ronaldo recently described United’s facilities as dated, having barely improved since his first spell with the club before his transfer to Real Madrid in 2009.
Overhauling the club’s facilities and improving Ten Hag’s first-team squad are among the challenges any new owner will face upon arrival with supporters desperate to oversee improvement following years of frustration under the Glazers.
It’s understood any takeover would need to be finalised by the end of April to ensure the club can endure a full summer of planning under new ownership ahead of the 2023/24 season.
Avram Glazer was present at the Carabao Cup final at Wembley Stadium last weekend as the Red Devils swatted aside Newcastle to win their first trophy under Ten Hag.
“He was really happy for the club, as our owner. He wanted to be part of it. He was in the dressing room, good he was here, showed his intentions,” Ten Hag said of Glazer.
He later added on the takeover: “I’m not involved in that (takeover) process, but the way he is here you feel he is committed. But the process, what he wants, that is not for me. I lead this team, others are involved in decisions about ownership.”
United travel to Liverpool on Sunday as they look to build on their 20-match unbeaten streak.
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