Odisha News Voice
Sports

Jim Ratcliffe and Sheikh Jassim make third bids for the Manchester United sale

Share

Sheikh Jassim bin Hamad Al Thani of Qatar and Jim Ratcliffe, a British billionaire, are still vying for ownership of Manchester United after a third round of bids.

The most recent proposals, according to those with knowledge of the bids, were filed on Friday. The individuals talked on the condition of anonymity because they were not allowed to publicly remark.

After the Glazer family, United's current owners, stated in November that they were open to receiving offers for the English Premier League club, Sheikh Jassim and Ratcliffe confirmed their intent to purchase the team this year.

The Glazer family may yet elect to retain ownership, but Raine Group, a merchant bank, has received offers from investors and purchasers while it considers strategic options.

Although the size of the bids is unknown, if a full sale occurs, it is predicted that the price will be close to USD 6 billion.

According to the individual with knowledge of the offer, Sheikh Jassim's plan includes a “significant amount of additional capital and infrastructure investment” that would go straight to United.

Ratcliffe has been adamant that he wants full control despite rumours that the owner of the petrochemicals company INEOS might be open to letting the Glazers keep a minority position.

After the Glazer family's late patriarch, Malcolm, purchased the team for approximately USD 1.4 billion in 2005, United supporters have long fought to oust them.

The leveraged nature of the takeover, which added debt to the club, infuriated the supporters. As the team's success decreased over the previous ten years, depressive feelings also grew.

Large swaths of United's fan base welcomed The Glazers' declaration that it would explore a sale, but questions were raised about how long it has taken to complete the process.

The procedure should be finished in time for the opening of the offseason transfer window, according to the Glazers, who also control the NFL's Tampa Bay Buccaneers.

This summer, prospective new owners are likely to make significant investments in the team, as manager Erik ten Hag will require one after Cristiano Ronaldo left earlier in the season.

Old Trafford's renovation or reconstruction may cost more than $1 billion, and the club's training facilities might get funding as well.

Sheikh Jassim has already committed to spending money on the playing teams, training facilities, and stadium in an effort to “return the club to its former glories both on and off the pitch.”

Ratcliffe grew up a fan and was born in Failsworth, Greater Manchester.

INEOS has referred to a “fan-centered approach to ownership” and a commitment to make United the “No. 1 club in the world once again.”

Despite the offers from Sheikh Jassim and Ratcliffe, the Glazers may decide to sell a portion of their stock or pursue alternative sources of financing.


Share

Related posts

Mumbai easily defeats Tamil Nadu in the Ranji Trophy 2024 final to set a record 48 wins

cradmin

US Open: Ons Jabeur overcomes a respiratory issue, and Osorio advances to the second round of women’s singles

cradmin

Sakshi Malik thinking twice about retiring? Following the WFI suspension, one Olympic wrestler stated this

cradmin