Man Utd takeover – news: Sir Jim Ratcliffe and Ineos submit improved bid for club
Sir Jim Ratcliffe and Qatari banker Sheikh Jassim are the frontrunners in takeover from the Glazer family
Your support helps us to tell the story
My recent work focusing on Latino voters in Arizona has shown me how crucial independent journalism is in giving voice to underrepresented communities.
Your support is what allows us to tell these stories, bringing attention to the issues that are often overlooked. Without your contributions, these voices might not be heard.
Every dollar you give helps us continue to shine a light on these critical issues in the run up to the election and beyond
Eric Garcia
Washington Bureau Chief
Neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline, The Independent understands.
Both parties had until 9pm to submit their offers but have instead asked for an extension, which they were granted. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn.
Ratcliffe’s INEOS group and the bid fronted by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist it emerged the Raine group received neither offer. An extension to the process has been granted, however, and both Ratcliffe and Sheikh Jassim both intend to meet the new deadline.
The Glazers, who bought Manchester United for £790m in 2005 and saddled the club with debt, want around £6bn, which would be a record fee for a football club. Follow all the latest updates on the takeover below:
Manchester United takeover: Deadline for bids extended
There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.
Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.
Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.
Leading Manchester United bidders granted deadline extension
Both Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe have been granted extensions following the 9pm deadline on Wednesday night
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments