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  • Posted by Rayo Online
  • Date : 07 Jun 2023
  • Time : 02:49PM

Qatar's Sheikh Jassim and Sir Jim Ratcliffe's INEOS previously submitted their third bids to buy Man Utd on April 28; A renewed offer on May 17 by Sheikh Jassim was launched; latest big would clear £1bn worth of debt at Man Utd and distribute ring-fenced funds for club and community.Sheikh Jassim Bin Hamad Al Thani is understood to have submitted a fifth improved bid for Manchester United this week.

The club announced in November that the board was exploring strategic alternatives to enhance the club's growth, with a full sale one option being considered.Sir Jim Ratcliffe and Sheikh Jassim both publicly confirmed initial offers in February and the latter is understood to have this week made a fifth bid to acquire United.

The offer remains for 100 per cent of the club and those involved in Sheikh Jassim's bid have indicated this will be the final bid.Then in May, a fourth offer - believed to be close to £5bn but shy of the Glazer family's £6bn valuation - was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club.

The third and final round of bidding concluded on April 28 but, with reports last month claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has now moved again.

  Timeline of Man Utd takeover process
November 22, 2022: The Glazers confirm they are open to a sale but say other options "including new investment" will be considered.
February 17, 2023: Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al Thani make rival bids for Man Utd takeover. Qatari wants to buy 100 per cent of the club.
February 18, 2023: US hedge fund Elliott Management lodge proposal for investment in Man Utd.
February 28, 2023: Glazers split on sale after bids fail to meet £6bn valuation.
March 5, 2023: Sheikh Jassim and Ratcliffe make it through to next stage of the process along with unnamed bidder.
March 10, 2023: Elliott Management make it through to the second stage of the Man Utd sale process.
March 16 & 17, 2023: Qatari group and Sir Jim Ratcliffe meet Raine Group at Old Trafford before being given access to detailed financial information. Sheikh Jassim stays away.
March 22, 2023 :Raine extend deadline for second bids after requests from Sheikh Jassim and Ratcliffe. Elliott Management did make minority stake offer before the soft deadline.
March 23, 2023: Ratcliffe makes his second bid.
March 24, 2023: Sheikh Jassim makes his second bid.
April 11, 2023: The Glazers take the sale process to a third round with interested parties asked to submit final offers by end of April.
April 28, 2023: Sheikh Jassim makes world record bid valuing Man Utd. Ratcliffe also makes his offer before the deadline.
May 16, 2023: Sheikh Jassim goes in with fourth bid close to £5bn. INEOS proposal values Man Utd at a higher price but is not for the whole club and would give Glazers chance to keep 20 per cent stake.
June 7, 2023: Sheikh Jassim submits a fifth improved bid and sets Friday deadline.

Sheikh Jassim believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly £1bn worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club's Carrington training ground.

INEOS values United at a higher price than Sheik Jassim's bid but it is not for the whole club and would give the Glazers the opportunity to keep a 20 per cent stake. United's share price closed down to $18.80 on the NYSE in May, giving the club a market cap of $3.09 billion (£2.47 billion).

   Analysis: Undignified sale process unbecoming of Man Utd
Sky Sports News chief reporter Kaveh Solhekol:

"This shows the determination of Sheikh Jassim's Qatari bid and just how serious they are when it comes to buying Manchester United. It's very difficult to say which bid is favourite to succeed because the decision ultimately lies with the Glazers.

"What they have to decide is whether they take all of the money now from Sheikh Jassim or do they want some of the money from Sir Jim Ratcliffe while keeping a stake which would give them more money in the future.

"Are they going to consider what is best for Manchester United or are they just thinking about their own interests? They have to think about what is good for the club because this process has been totally undignified.

"It is unbecoming for a club as big as Manchester United to be treated the way it has. This has been hanging over everyone - the manager, his coaching team, the players - for six months.

"Why has this taken so long when it's been obvious from day one that only two parties were interested in buying the club - Sheikh Jassim and the Qataris, and Sir Jim Ratcliffe?

"The Glazers have to make up their minds very quickly and realise it's not just about what's best for them, it's about what is best for Manchester United. It is now or never."

"For the Qataris, prestige is everything. They are absolutely in this race, they want to win. They are so far into it that they don't want to seem to be defeated. So it's about price so lo and behold, we've got a new bid.""Jim Ratcliffe would only own a share of the club and I just think that this totally misjudges the mood of Manchester United fans. Kaveh Solhekol was excellent when he said: everyone is sick and tired of this, it's time to move on. The Glazers have either got to stick or twist and make a decision sometime soon.

"I messaged a Manchester United mate of mine before coming on asking which out of Qatar or Sir Jim Ratcliffe he would prefer and he immediately said the Sheikh because it would be complete ownership, the Manchester United fans are completely sick and tired of the Glazer family and do not want that ownership anymore."

Man Utd bidders in profile
A look at the publicly-known bidders for Manchester United...

Sheikh Jassim Bin Hamad Al Thani

The Qatari sheikh is the chairman of Qatar Islamic Bank, one of his country's biggest banks. His father Hamad Bin Jassim Bin Jaber Al Thani is a former prime minister of the Middle East state. There is relatively little information about him in the public domain, but it is known he attended boarding school in the UK and went on to the Royal Military Academy at Sandhurst, during which time he apparently fell in love with United.

Amid potential controversy about state ownership of clubs, Sheikh Jassim was clear when announcing his bid that his interest was a private initiative through his Nine Two Foundation. He hopes to take 100 per cent control of the club and has vowed, if he does so, to wipe all debts and invest considerably in the club and its infrastructure and support local communities.