With the ‘soft’ deadline for Man United takeover bids on Friday, we take a look at all the latest surrounding the club’s potential takeover..
Manchester United are up for sale and today (Friday) is the deadline for any investors interested in purchasing the club from the Glazers to submit their bids. The takeover saga took another twist earlier in the week with reports that US billionaire Elon Musk has joined the race to buy the club – while speculation around a Qatari buyout and Sir Jim Ratfcliffe’s interest continues to rage.
The Twitter and Tesla owner Musk has reportedly been weighing up an offer during a big week for United with the ‘soft’ deadline for takeover bids today. It was claimed Raine Group – who are organising a potential sale on behalf of the Glazers – could potentially receive offers to purchase the club from as many as ‘five serious bidders’ by the end of the week, with Ratcliffe also among the interested parties.
That said, both Avram and Joel Glazer are also exploring the possibility of buying out their four siblings on the club board as they remain keen in the running of the club. With the deadline today, here is a look at some of the latest developments on the situation and who the expected bidders are at this stage of the process.
Manchester United are up for sale and today (Friday) is the deadline for any investors interested in purchasing the club from the Glazers to submit their bids. The takeover saga took another twist earlier in the week with reports that US billionaire Elon Musk has joined the race to buy the club – while speculation around a Qatari buyout and Sir Jim Ratfcliffe’s interest continues to rage.
The Twitter and Tesla owner Musk has reportedly been weighing up an offer during a big week for United with the ‘soft’ deadline for takeover bids today. It was claimed Raine Group – who are organising a potential sale on behalf of the Glazers – could potentially receive offers to purchase the club from as many as ‘five serious bidders’ by the end of the week, with Ratcliffe also among the interested parties.
That said, both Avram and Joel Glazer are also exploring the possibility of buying out their four siblings on the club board as they remain keen in the running of the club. With the deadline today, here is a look at some of the latest developments on the situation and who the expected bidders are at this stage of the process.
An anticipated bid from Qatari investors saw United’s value on the stock market ahead of the deadline. That led to the club’s market value increasing by a total of $400m between the opening and closing of trading.
Individual shares now stand at $24.54 before the New York Stock Exchange reopens again on Friday at 2:30 GMT (9:30 ET).
Saudi interest
Interested groups in Saudi Arabia have reportedly joined the race to buy United. The Telegraph are reporting a number of bidders from the Middle East have ‘formally enquired’ about a potential takeover of the club.
It is claimed that officials working for a range of Saudi groups have “signed for sale materials” ahead of tonight’s deadline.
Emir of Qatar ‘set to make £4bn bid’
The emir of Qatar, Sheikh Tamim bin Hamad al-Thani, is set to make a bid in excess of £4bn ahead of Friday’s ‘soft’ deadline. That is according to the Guardian, who also claim those spearheading the bid will not go beyond £4.5bn despite the Glazers’ asking price of £6bn.
Musk ‘joins race’ as net worth revealed
Musk is now reportedly among the interested parties ready to make a bid for Manchester United.
Musk is said to have an enormous net worth of £157bn and could potentially join forces with an interested individual or group to become the figurehead of the bid. Musk has joked in the past that he would buy United but on this occasion the reports look to have a little more substance behind them, with the business tycoon said to be a boyhood fan of the club.
Read more here.
Avram and Joel Glazer exploring buying out siblings
United co-chairmen Joel Glazer and Avram Glazerare exploring the possibility of buying out their four siblings on the club board as prospective investors prepare to submit their proposals. A soft deadline of February 17 has been set for interested parties to formally outline their strategy three months after the Glazers announced they had started a process “to explore strategic alternatives to enhance the club’s growth”.
Avram Glazer was in Dubai last week amid interest in selling a minority stake to Qatari investors. Glazer principally visited the Gulf state to watch the cricket franchise he owns, the Desert Vipers, who lost in the International League T20 final on Sunday. Qatari Sports Investment’s ownership of Paris Saint-Germain means any Qatari approach would have to be through a consortium or an individual as Uefa rules prevent multi-ownership.
Read full story from our United correspondent Samuel Luckhurst here.
Sir Jim Ratcliffe
The British billionaire, who was the founder and remains the chairperson of global chemicals company INEOS Group, officially declared an interest in buying the club last month. A boyhood United supporter, Ratcliffe said to The Times through a spokesperson that “we have formally put ourselves into the process”.
Ratcliffe has previously met with Avram and Joel Glazer and initially expressed an interest in buying the club last August, having seen a last-gasp bid to buy Chelsea rejected in April. The 70-year-old from Failsworth also owns French club OGC Nice and Swiss side Lausanne-Sport, both through INEOS.
UEFA stance on multi-club ownership amid Qatari interest
UEFA says multi-club ownership poses “a material threat to the integrity of European club competitions” amid reports of takeover interest in Manchester United from Qatari backers.
The Qatar Investment Authority (QIA) has been linked with a purchase intention of United ahead of Friday’s soft deadline
