Manchester United have resorted to explaining to Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani’s representatives why their bids are not enough, and they need to raise the value of their proposals.
Both Ratcliffe and Sheikh Jassim made it to the second stage of the three-step bidding process for a complete takeover of the Red Devils.
While Ratcliffe wants to buy out the Glazers and, by so doing, become the majority shareholder at United, Sheikh Jassim is keen also to buy out the minority shareholders and own 100% of the club.
Ratcliffe and Sheikh Jassim’s initial bids are considered insufficient and fall significantly short of the Glazer family’s £6bn asking price.
According to ESPN’s Rob Dawson, “Manchester United have focused on explaining the Glazer family’s valuation of the club as they meet potential buyers and investors after being underwhelmed by the opening expressions of interest, sources have told ESPN.”
“Meetings with potential buyers have sought to explain how they have arrived at that price – particularly highlighting the club’s global fanbase compared to Premier League rivals Manchester City, Liverpool and Chelsea.”
“Sources close to Sheikh Jassim have indicated he will not overpay for the club because of a belief it will take heavy investment to upgrade Old Trafford and the Carrington training base, as well as to build a team capable of consistently challenging in the Premier League and Champions League.”
Like Sheikh Jassim, Ratcliffe does not value United close to what the Glazers want.
Dawson adds that the second phase of the bidding process may conclude as soon as the end of this week.
From there, interested parties will be allowed to put in revised offers.
Raine Group are prioritising consortiums intent on a complete takeover rather than those who wish to inject a minority investment.
As per ESPN, the Glazers are currently keeping all their options open.
United staff have been informed that there should be greater clarity before the end of the season regarding the ownership and which direction the Glazers choose to take.