Manchester United's takeover bid deadline extended
In order to give interested parties time to improve their bids, American merchant bank Raine has agreed to an unspecified extension of the latest round of bids' deadline, which was originally set for 9 pm on Wednesday.
Manchester United's potential buyers have been given more time to submit second offers for the venerable football club.
In order to give interested parties time to improve their bids, American merchant bank Raine has agreed to an unspecified extension of the latest round of bids' deadline, which was originally set for 9 pm on Wednesday.
The extension was confirmed to AP by a person, requesting anonymity, with knowledge of the procedure.
Although neither bidder fulfilled the deadline on Wednesday, Qatari banker Sheikh Jassim bin Hamad Al Thani has stated that he intends to make a second offer for United, and British billionaire Jim Ratcliffe is also poised to make a proposal. Both made preliminary offers last month.
If the Qatar Islamic Bank chairman is successful in ousting the club's existing owners, the Glazer family, he has stated that he intends to bring the team back to the pinnacle of the sport.
According to a second individual familiar with the negotiations, his most recent offer is prepared and will be presented to Raine. The speaker also requested anonymity.
The cost of United is predicted to surpass $6 billion, making them the most expensive sports team in history.
The only potential buyers who have officially announced their intent to purchase the 20-time English league champions are Sheikh Jassim and Ratcliffe.
The group led by Sheikh Jassim, the son of a former prime minister of Qatar, traveled to Manchester last week to meet with United officials.
Last week, Ratcliffe, the owner of the enormous petrochemicals company INEOS, met with United as well.
According to reports, Sheikh Jassim is confident in his offer to purchase the entire club and intends to make investments in the stadium, training facility, and playing squads.
Ratcliffe has stated that he plans to approach ownership in a "fan-centered" manner and that his primary goal is to help United win the Champions League for the first time since 2008.
He is attempting to win majority control.
Raine handled the $3 billion sale of Chelsea to Todd Boehly and Clearlake Capital last year. Meanwhile, the Denver Broncos were sold to Rob Walton, an heir to Walmart, and his children and son-in-law last year for a record $4.65 billion.
The Glazers revealed that they were looking into "strategic alternatives" in November. They may retain some ownership of the club they have held since 2005, which leaves up the potential of a minority investment.