Sheikh Jassim bin Hamad Al Thani has submitted a £5.5billion final bid to buy Manchester United.
Despite having bid £5bn at the third and final deadline for interested parties, the Qatari banker has now upped his offer. It is understood Sheikh Jassim made the bold move to try to see off rival bidder Sir Jim Ratcliffe, whose proposal was said to be leading the way.
The Glazers are still yet to make a decision on which party they want to choose as the preferred bidder. No deadline has been placed, with the American billionaires moving slowly while considering the “strategic alternatives” they outlined back in November.
As well as frontrunners Ratcliffe and Sheikh Jassim, they have also received offers from Investment groups Elliott Management, The Carlyle Group and Ares Management, who are keen to buy a minority stake in the club.
So what is Sheikh Jassim’s final role of the dice? Mirror Football takes a look at his proposal and how it differs from Ratcliffe’s.
What is Sheikh Jassim offering?
The Qatari banker, who is bidding via his Nine Two Foundation, is offering around £5.5bn to buy 100 percent of the club.
Sheikh Jassim's fresh bid is said to include £1bn to clear United's existing debt – currently £536m – and provide funds for investment in the club, including an overhaul of Old Trafford. There is also the offer of a separate fund directed solely at the club and local community.
In contrast, Ratcliffe's bid was for around 51 percent of the club, leaving co-chairmen Avran and Joel Glazer to retain a stake of around 18 percent.
Why has Sheikh Jassim made such a late offer?
While the Qataris have said since the outset that they will not pay over the odds for the club, the timing of this post-deadline offer carries an air of desperation following suggestions that the latest INEOS bid was being favoured.
Last week sources close to Ratcliffe grew increasingly confident that they will be given preferred bidder status in the coming days following recent signals from Raine group, the New York-based merchant bank overseeing the sale process.
The 70-year-old Ratcliffe submitted a final bid that included an offer for Avram and Joel Glazer to retain minor stakes in the club for a transitional period of two to four years – but exact details remain unknown.
Last Friday senior sources close to Ratcliffe, a childhood United supporter, indicated that they believe a period of exclusivity will be offered to them – enabling final negotiations to take place.
What is Sheikh Jassim’s plan for Manchester United?
"The bid plans to return the club to its former glories both on and off the pitch and – above all – will seek to place the fans at the heart of Manchester United Football Club once more," a statement released after Sheikh Jassim's first bid read.
"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience, and communities the club supports.
"The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops."
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What do the fans want?
Sheikh Jassim appears to be the much more popular bidder with supporters, simply because he is bidding to buy 100 percent of the club – and that means a departure for the Glazers.
The Glazers have owned United since a debt-leveraged buyout for £790m in 2005. Their lack of investment and use of debt has seen fans protest regularly over the years and the thought of Joel and Avram Glazer staying as part of the INEOS regime is the stuff of nightmares for many.
When might a decision be made?
It has now been 176 days since the Glazers’ first statement on November 22 and 19 days since the final deadline on April 28. It is clear that the Glazers will take their time to decide on the next steps, even if the uncertainty is having a negative impact on the club.
United boss Erik ten Hag has admitted the uncertainty over who will own the club means he has no idea how much money he can spend this summer. Although United have already identified their summer transfer targets, moves for them are on hold until the future ownership of the club is resolved.
Meanwhile, after peaking in February, the club’s share price is in gradual decline due to the lack of clarity.
Could the Glazers stay?
That is a distinct possibility that was explicitly mentioned in the original statement from the Glazers, which read: "There can be no assurance that the review being undertaken will result in any transaction involving the Company.”
Sheikh Jassim’s latest bid is still short of the Glazers’ £6bn valuation and the other two options – Ratcliffe’s and minority investment – both keep the door open for them to stay put.
