Representatives of Sheikh Jassim bin Hamad Al Thani toured
Old Trafford and the club’s training ground last Thursday, meeting with United
executives. Jim Ratcliffe held talks with the Premier League club on Friday and
was pictured being greeted by chief executive Richard Arnold. American
investment firm Elliott Management has also held meetings with a view to
providing capital for takeover bids or other finance options.
Indicative offers were submitted to American merchant bank
Raine last month, with Sheikh Jassim and Ratcliffe confirming their intention
to buy out the Glazer family, the current owners of United.
The next stage of the process included a closer look at
United’s business and meetings with key executives before making renewed bids.
Sheikh Jassim is chairman of Qatar Islamic Bank and the son
of a former Qatari prime minister. He is aiming to take 100% ownership of
United and is intent on investing in the club’s stadium and training
facilities. He sent real estate advisors as part of his delegation last week.
Ratcliffe is the billionaire owner of petrochemicals giant
INEOS and is bidding for majority ownership after launching a failed attempt to
buy Chelsea last year.
United is expected to become the most expensive sports team
in history, with the price estimated to reach up to $6 billion.
Last year, Raine handled the sale of Chelsea to Todd Boehly
and Clearlake Capital for about $3 billion. The Denver Broncos were sold to
Walmart heir Rob Walton and his daughter and son-in-law for a record $4.65
billion last year.
United’s prospective new owners could also have to spend
about $1 billion to redevelop the stadium.
Sheikh Jassim and Ratcliffe remain the only bidders to
publicly declare their interest in the 20-time English league champions. There
is still a possibility that the Glazers could opt against a full sale of the
club as they explore “strategic alternatives.”
Second bids for United are due to be placed by 9 p.m.
Wednesday. -AP
0 comments:
Post a Comment