Sheikh Jassim is said to be ‘bemused’ by reports that Sir Jim Ratcliffe has outbid him in the race to buy Manchester United from the Glazer family.
The takeover entered a critical phase on Saturday after passing the third and final deadline for offers on Friday at 10pm. Having initially been confident of their chances, the Qatari bid fronted by Sheikh Jassim saw reports on Saturday that Ratcliffe’s INEOS group had submitted a third offer which valued United at over £5billion.
Ratcliffe’s offer, which is to buy the 69 per cent stake owned by the Glazer family, also includes the option of Joel and Avram Glazer retaining a minority stake in the club. The British billionaire’s move was interpreted by many as potentially giving him an advantage over his main rival.
However, The Telegraph reports that the Qatari bid still believes their offer is worth more than INEOS’. Sheikh Jassim has submitted an offer to buy the 100 per cent of the club and reportedly includes additional investment to fund a redevelopment of Old Trafford and the club’s Carrington training ground.
The newspaper says sources close to the bid have been left ‘bemused’ by suggestions that they have been outbid. Unlike their rivals, the Qatari offer would leave the club debt-free – a fact they believe makes them the best prospective owners.
Confusion around the takeover process is nothing new. The second deadline in March brought similar conflicting reports after claims both camps had met Raine Group’s demands proved to be false, with both actually asking for, and receiving, an extension to the deadline.
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While the Qataris and INEOS are the two main bids on the table, they are not the only ones. Investment groups Elliott Management, The Carlyle Group and Ares Management are all interested in stumping up the cash for a minority stake in the club.
Raine Group, the US bank overseeing the process, is now expected to pore over the paperwork submitted and deliberate with the Glazer family. Over the next 10 days they will decide on a preferred bidder and the winning party will be granted a period of exclusivity to thrash out a deal.
As part of the most recent round of bidding, the interested parties were asked to submit documentation proving the source of funds. Ratcliffe is planning to purchase the 69 per cent stake in the club using money from INEOS, the petrochemicals giant which he owns.
But things are slightly less clear for Sheikh Jassim, who until this process started was a largely unknown figure.
It is believed the Qatari banker’s bid, which will be conducted through the Nine Two Foundation, could be backed by his father, Sheikh Hamad bin Jassim bin Jaber Al Thani, an extremely wealthy former prime minister of Qatar.
