Man Utd takeover: The Glazer family set new ‘deadline’ for bidders after ultimatum is given
The ‘deadline’ for the takeover of Man Utd has reportedly been ‘pushed back’ by the Glazer family until June and this is a ‘more realistic timeframe’.
It was announced by the Glazer family last November that they have put Man Utd up for sale. They stated that they would “evaluate all options”.
“The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers,” the statement from the Glazers read.
“As we seek to continue building on the Club’s history of success, the Board has authorized a thorough evaluation of strategic alternatives.
“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future.
“Throughout this process, we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
Since then, Sir Jim Ratcliffe and Qatar’s Sheikh Jassim Bin Hamad Al Thani have emerged as potential buyers. But the Glazer family’s reported £6bn asking price is proving to be a stumbling block as the current offers for United are between £4bn and £5bn.
Earlier this week, it was revealed that Sheikh Jassim is willing to ‘walk away’ from his bid if the price of the takeover is ‘not right’.
He is standing firm with this ultimatum to the Glazer family as he ‘values the club at about £4.5bn’ and he ‘will not overpay’.
The Telegraph are now reporting that the Glazer family are ‘ready to wait before selling the club’.
It was initially hoped that a takeover could be completed ‘within the first quarter of the year or by the end of April’ but a sale is now being targeted for ‘before the transfer window opens in June’.
This is described as a ‘more realistic timeframe should the Glazers receive an acceptable offer’. They are said to ‘want at least £5bn to sell’. The report adds.
‘High ranking officials from the US hedge fund Elliott Management are understood to have met with counterparts from Raine, the merchant bank running the process, and the Glazers’ financial advisors Rothschild in Manchester on Thursday.
‘Representatives from Elliott were at Old Trafford on Thursday night to watch United beat Real Betis 4-1 in the Europa League. The discussions marked the start of the second stage of the sale process. Sheikh Jassim’s bid and Ratcliffe’s Ineos Group are due to attend detailed presentations at Old Trafford next week.
‘Sources with knowledge of the process claimed there are at least four parties interested in buying the club although only Sheikh Jassim and Ratcliffe have gone public with their bids.
‘Insiders have told Telegraph Sport that the Glazers, remain “determined sellers” at the right price. Bidders will be given access to more detailed financial information and the chance to closer examine Old Trafford and the club’s Carrington training base, both of which require substantial investment. “They’re going to have a chance to look under the bonnet,” one source said.’
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