Manchester United bidders are expecting to hear back from Raine Group THIS WEEK as share price drops by 13% amid fears Glazers want to remain in control of the club despite offers from Qatari investors and Sir Jim Ratcliffe
- Man United bidders hope to hear back about the next steps of buying the club
- Sheikh Jassim bin Hamad al-Thani and Jim Ratcliffe are the front runners
- Club’s share price has slumped to 13 per cent amid fears the Glazers won’t sell
Bidders for Manchester United are expecting to hear back from those running the process this week.
Sportsmail understands that US merchant bankers Raine Group are set to reach out to those who sent in offers to either buy or make an investment in the Premier League giants over the coming days, according to those with knowledge of the situation.
The development comes following another rough day for the club’s share price. The figure rocketed when this newspaper revealed that a bid from Qatar would be forthcoming earlier this month.
However, following reports that owners, the Glazer family, are considering remaining in control of United at one stage yesterday the price had dropped by around 13 per cent.
As of yet, there are two known parties who want to buy the club. An offer from Qatari Sheikh Jassim bin Hamad al-Thani, which is for full control, and a bid from British billionaire Sir Jim Ratcliffe to take a majority stake.
Bidders hoping to buy Man United are expecting to hear back about the next steps this week
The front runners to buy United are Sheikh Jassim bin Hamad al-Thani (L) and Jim Ratcliffe (R)
A ‘soft deadline’ for offers fell on February 17. Raine have been sifting through the bids ahead of the next process. Those in the running are expected to be given access to United’s full financials, after being given a glimpse following their initial expressions of interest.
It is unlikely that first offers will be accepted, with a period of negotiation set to follow. There is a belief that the Glazers are seeking around £6bn, a valuation some see as unrealistic.
As was the case with the bidding process for the sale of Chelsea, also overseen by Raine, some of the groups involved may be put into contact with each other with a view to forming consortiums.
Anti-Glazer sentiment has been commonplace at United matches this season but the volume was turned up during Sunday’s Carabao Cup final, with Avram Glazer present.
As United closed in on their first trophy in five seasons loud chants of ‘We want Glazers out’ could be heard from the United section, while some carried anti-Glazer banners.
However, the club’s share price has slumped 13 per cent amid fears the Glazers won’t sell
United are hoping to build on their success under new ownership after winning the Carabao Cup against Newcastle on Sunday
Aside from offers to takeover the club, there are offers of investment which Avram and brother Joel could, in theory, use to pay off the other four members of the family and redevelop Old Trafford and the club’s training ground.
How that would go down with supporters remains to be seen. Following United’s support for the subsequently-aborted European Super League, their match with Liverpool in May 21 was abandoned when protesting fans managed to break into Old Trafford.
Al-Thani, son of a former prime minister and chairman of one of Qatar’s biggest banks, is understood to have watched the game with family at his home in Doha. He is known as a United fan and friends say he wears the club’s shirt at weekly five-a-side matches.
Meanwhile, Sportsmail understands that there is some consternation among a number of the bidders that they are still to hear back following the deadline.
That feeling was exacerbated by reports over the weekend that bids for the club were under the Glazers’ valuation – which came after those in the process were told by Raine to keep quiet.