Sheikh Jassim bin Hamad Al Thani's and Sir Jim Ratcliffe's bid teams set to meet Raine Group this month before they are given access to detailed financial information which would allow them to make firm offers; both want to buy Man Utd, while others are interested in a minority stake
Sunday 5 March 2023 11:00, UK
Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe have been told that they have made it through to the next stage of the process.to buy Manchester United.
At least one more unnamed bidder has also made it through to the next stage, which will see all parties meet the Raine Group later this month at Old Trafford before being given access to detailed financial information which would allow them to make firm offers.
Sheikh Jassim and Ratcliffe want to buy Manchester United, while others are interested in a minority stake.
Sheikh Jassim believes his debt-free bid is the best bid on the table for the club and the community and "is in it to win it".
Sky Sports News reported earlier this week that Sheikh Jassim remains determined to buy United off the Glazers, with the Qatari businessman deciding not to attend the Carabao Cup final because he felt it was not appropriate under the circumstances.
Ratcliffe also remains determined to buy Manchester United and is totally committed to his bid.
The INEOS owner believes he has made a very good offer which will turn the club into a model of progressive, fan-centred ownership.
Both leading bidders are willing to pay a premium to own a trophy asset such as United but their opening indicative offers have fallen short of the Glazer family's reported £6bn asking price for the club.
Elliott Management, Oaktree Management and Oaktree Capital have submitted proposals to Raine which would involve providing financing for bidders or buying a minority stake in the club.
The fact that Sheikh Jassim and Ratcliffe are through to the next stage of the process does appear to suggest that the Glazer family, despite concerns, are prepared to sell the club for the right price.
Analysis by Sky Sports News chief reporter Kaveh Solhekol:
"It is very significant (news) as it suggests the Glazer family really are serious about Man Utd.
"Two weeks ago with the deadline for interested parties to put in their initial bids, and for the past two weeks Raine Bank, the investment bank who are handling the sale, and the Glazer family have been looking at the bids and choosing the ones that are going to go through to the next stage.
"Our information is the bid led by Sheikh Jassim bin Hamad Al Thani from Qatar is through to the next stage with the bid from Sir Jim Ratcliffe, and we have been told there maybe one other unnamed bidder through to the next stage.
"The next stage, what does it involve? It is a bit like if you want to buy a car, you have seen the advert online, you have rung up and had a chat about it, you've found out what the price is and now you get to go on a test drive, which is what is going to be happening in the next couple of weeks.
"The interested bidders are going to go to Old Trafford and meet people from the Raine Group, they may meet members of the Glazer family and they will be given access to detailed financial information about Man Utd. That is what they need to see, they need to see the accounts and the books.
"Once they have done that, then they can make a firm offer for the club. So if you are one of these Man Utd supporters who want to see the back of the Glazers, and there are a lot of them, you will be thinking this morning that this is good news that the process is going ahead."
