All parties that submitted bids for the takeover of Manchester United are awaiting further updates from the Raine Group.
The deadline was almost two weeks ago and there have been few updates since that hectic week, in which it was confirmed that Sheikh Jassim and Sir Jim Ratcliffe both tabled their bids for the club.
An American hedge fund, Elliott Management, is also in the mix, though they would work with Joel and Avram Glazer to help provide financial backing and funding to the current owners.
The latest in the bidding process
Latest reports from The Guardian have suggested that the initial offers, which were lodged at a maximum of £4.5 billion, fall short of the Glazers’ valuation of £6 billion.
However, Sky Sports reporter Kaveh Solhekol has confirmed today that both Jassim and Ratcliffe are still determined to buy United.
Sheikh Jassim from Qatar determined to buy Manchester United. Very good debt-free offer made. Wants to invest in club & community. He would have liked to be at Wembley on Sunday but not appropriate under the circumstances. He watched League Cup final at home with friends & family
— Kaveh Solhekol (@SkyKaveh) February 28, 2023
Sir Jim Ratcliffe still determined to buy Manchester United as well. Totally committed to his bid. He wants to buy the club for the right reasons and he wants to run it in the right way.
— Kaveh Solhekol (@SkyKaveh) February 28, 2023
He also tweeted yesterday that the club’s share price is down by almost 10% due to the ongoing speculation that the American owners may not actually part ways with the Red Devils.
Manchester United share price down by almost 10% on back of concerns Glazers will not sell the club. Financial Times have calculated United worth only £1.3bn. FT also say bidders will need to increase offers if the club is to be sold. Target price for sale said to be £5bn-£6bn
— Kaveh Solhekol (@SkyKaveh) February 27, 2023
