A third, unknown bidder has entered the race to buy Manchester United as the takeover process now enters the next stage, according to reports.
Interested parties had until a soft deadline two weeks ago to submit their offer to US bank Raine Group – who are overseeing the sale – along with proof of funds.
High-profile bids from Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe have both made it through to the next round, which will see bidders meet with Raine before being given access to detailed financial information about United.
But they are not the only two bids to progress to the next stage, with The Sun reporting that an as yet unnamed third offer is also in contention.
Bidders will meet with Raine Group and visit Old Trafford in the next fortnight, with this latest, under-the-radar bid – believed to be US-based – on the guest list.
However, there are increasing suggestions that the process may not necessarily amount to a sale, with two of the Glazer brothers, co-chairmen Joel and Avram, uninclined to sell up.
That stance has only be reinforced by the fact that none of the offers made have reached their £6billion valuation of the club.
Access to United’s financial information will give bidders the opportunity to decide whether to up their offer and get closer to the Glazers’ mammoth valuation.
But it could take a significant amount of time to evaluate the true value of United, as well as the cost of upgrading Old Trafford – or, indeed, building a new stadium entirely – and the amount of debt that needs to be paid off.
This process could take months, but the Glazers have set a deadline of May 31 for any takeover to be completed which gives bidders precious little time to evaluate and formulate a deal.
Once bidders have analysed United’s financials and formalised their offers, they are then likely to need to negotiate with the Glazer family.
As things stand, both the Qatari and INEOS bids are thought to value the club at around £4.5billion – which is around 25% less than what the Glazers are hoping to receive.
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