By Frank Dalleres
Manchester United owners the Glazer family have risked aggravating would-be buyers by taking their sale of the club to a third round of bidding.
More than two weeks after the deadline for second offers, bankers the Raine Group finally broke their silence to bidders – only to inform them that the Glazers want another round of offers before whittling down the shortlist any further at the end of April.
The move has increased fears that United’s American owners will only sell up in full if they achieve a valuation of £6bn, more than double the Premier League club’s market capitalisation.
Further delays risk deterring those bidders keen to wrap up a deal and lay the groundwork for a summer of transfer business. At Chelsea, Todd Boehly’s consortium was left playing catch-up with rival clubs despite completing its £2.5bn takeover in late May 2022.
British billionaire Sir Jim Ratcliffe and Qatari Sheikh Jassim Bin Hamad Al Thani have both made bids to take control of United, while activist investor Elliott Management is among several parties offering financing that would allow the Glazer family to remain as owners.
An individual close to one of the bidders called suggestions that Raine was still entertaining seven offers after two months of talks with buyers “utterly absurd”.
They added: “They can go to 10 rounds, it doesn’t really matter. If they don’t get the price they want, ultimately that’s the determining factor.”
It remains unclear whether the Glazers are definitely ready to agree a sale of their 69 per cent stake in United after 18 years of hostility from large sections of the Premier League club’s fanbase.
They are said to be seeking a deal that values United at £6bn, with some believing the reclusive Florida-based investors may even have set their sights on closer to £6.5bn.
Ineos chemicals tycoon Ratcliffe and Sheikh Jassim, chairman of Qatar Islamic Bank, are thought to have proposed figures of around £5bn.
United’s share price has fallen by $4 to a shade over $21 since last month, giving the club a current market capitalisation of $3.47bn (£2.79bn).
Ratcliffe, who is from Greater Manchester and already owns sports teams including French football club Nice and road cycling’s Ineos Grenadiers, is believed to have made an offer for the Glazers’ full shareholding that relies heavily on debt.
Sheikh Jassim is understood ultimately to be seeking a full buyout of United that does not depend on borrowing.
If the Glazers opt to remain in charge and instead seek financing for a raft of improvements considered necessary to modernise Old Trafford they will be able to choose from several options.
Elliot Management, which sold current Italian champions AC Milan last summer, has proposed financing for the Glazers or another bidder. After further talks in Manchester last month, it added the purchase of a small minority stake to that proposal.
Other parties reported to be ready to offer financing to the Glazers or other bidders include Ares Management, Oaktree Capital and MSD Partners.
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