A third round of bidding has took place between Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani for Manchester United, but we are still waiting on the Glazer family to make their next move.
Hopefully it will be their final move at the club. After 18-years of fighting the American owners, Manchester United fans continued their anti-Glazer protests on Sunday.
It is believed that Sir Jim Ratcliffe’s offer was higher and more flexible and that has raised further question marks over the credibility of Qatar’s interest.
The Glazers are relaying their feedback on final offers this week. Nothing significant took place over the weekend. Sir Jim Ratcliffe's offer was higher (believed to be pushing $6.5bn) and flexible. He wants control and is prepared to achieve that in a variety of structures. pic.twitter.com/nmSoQNqmYx
— Ben Jacobs (@JacobsBen) May 2, 2023
Ben Jacobs is one journalist I think has been very good throughout this story and we’ve agreed to catch up with him on our podcast soon. He has shared an update via a number of tweets, which we’ve transcribed for you below.
“The Glazers are relaying their feedback on final offers this week. Nothing significant took place over the weekend. Sir Jim Ratcliffe’s offer was higher (believed to be pushing $6.5bn) and flexible. He wants control and is prepared to achieve that in a variety of structures.
“INEOS has basically been built on acquiring companies to see their experience in M&As as helpful. Ratcliffe has also earmarked Paul Mitchell as part of the #MUFC project. Mitchell has previously been considered for Nice.
“However, Sheikh Jassim hasn’t given up. And still huge confusion over Nine Two Foundation’s offer and whether the pledged investment is part of, or on top of, the circa £5bn offer. Insiders continue to question Nine Two Foundation’s bid. Qatar-side reiterate offer is competitive.
“Nine Two Foundation will await feedback first, but sources indicate they haven’t ruled out going direct to the Glazers to try and strike a deal. This would mean two things: removing intermediaries on their side and either meeting Glazers via Raine or even bypassing them.
“It has always been indicated that any direct or ‘final’ negotiations (normal even after a final offer) would take place after a preferred bidder is named. But Nine Two Foundation sources are not ruling out direct engagement sooner.
“Another key point is this shouldn’t only be seen as a straight race between Ratcliffe and Sheikh Jassim. The April 28 deadline was to establish whether a new full or controlling owner was likely. And there’s still a real chance a preferred bidder is named from the two groups.
“But Carlyle (seen as a viable option), Ares, Sixth Street and Elliott all remain in the process. They did not have an April 28 deadline, but can’t be discounted just yet. All options remain on the table, which again is to be expected and helps drive competitive tension.
“This week is key. A preferred bidder could well be named in early May, or we may see groups be encouraged to first amend offers. The feeling is Sheikh Jassim must go higher to stand a realistic chance. Lots of tactics and games still ongoing. Now on Glazers to show their hand.”
Jacobs claims that Ratcliffe would attempt to hire Paul Mitchell if he is successful in becoming the new majority owner of Manchester United.
He adds that Sheikh Jassim has not given up and could make direct contact to the Glazers to try and strike a deal. This wouldn’t be happening if they didn’t sense a feeling of distrust from Raine Group.
It is also suggested that direct engagement could be sought soon.
With question marks over the credibility of Qatar’s offer, it certainly sounds like Sir Jim Ratcliffe is edging it in the race to own United.
But is Ratcliffe willing to clear the debt and buy out the Glazers?
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