The Manchester United takeover process began as a race and has become a saga, with the Glazer family still stalling on making a decision.
It was way back on November 22 that the American billionaire family released a statement announcing their intention to seek what they termed as “strategic alternatives” for the club they have owned since a debt-leveraged buyout in 2005. Since then, 174 days and three deadlines for bids have passed, but United supporters remain in the dark.
Fans are desperate to see the back of the Glazers, who have been hugely unpopular owners, but the uncertainty surrounding the process is beginning to grate. Here Mirror Football answers the key questions surrounding the situation.
Who is bidding to buy Manchester United?
There are two main frontrunners: Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani. They are the figureheads for bids from petrochemicals giant INEOS and the Qatari Nine Two Foundation respectively.
Ratcliffe, who was born in Failsworth, Greater Manchester, is bidding to buy the Glazers’ 69 percent stake of the club. The 70-year-old, who already owns French side Nice, is seen as the favourite to take over, due in part to his openness in allowing Joel and Avram Glazer to keep a minority stake in the club. He is so confident that he is already planning transfers for the upcoming summer window.
Sheikh Jassim, meanwhile, wants to purchase 100 percent of the club, complete a full takeover from the Glazer family and “return the club to its former glories both on and off the pitch”. The mysterious Qatari banker had been confident of his chances around the third bid deadline, but is believed to have fallen behind his rival.
There are other bidders. 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.
What happens next?
HAVE YOUR SAY! What is the best option for Manchester United? Will the Glazers sell? Comment below.
The Glazers have allowed US bank Raine Group to oversee the bidding process. Raine previously helped Roman Abramovich sell Chelsea to a US consortium fronted by Todd Boehly last May and are in charge of things again this time around.
We are currently waiting for Raine and the Glazers to decide on their preferred bidder. Once they have made that decision, the chosen party will be granted a period of exclusivity in which they will be able to negotiate the finer details of the takeover.
When will the Glazers decide?
That is the million dollar question at the moment. The third deadline was on April 28 and reports at the time suggested it would take around 10 days.
It has now been 17 days and frustration abounds. Ultimately, the Glazers are in complete control and – unlike Abramovich last year, who was rushing the process due to UK Government sanctions – they can take their time.
Avram Glazer was at Wembley to watch Manchester United lose 1-0 to Chelsea in the Women's FA Cup final on Sunday where he walked right past journalists who asked about the process.
Could the Glazers stay?
Yes, that is a distinct possibility. It 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.”
While fans would dread the thought of the Glazers staying put, it is a consideration for Joel and Avram Glazer, who are the most involved in the club.
While Kevin, Bryan, Darcie and Edward are understood to be keen to cash out and walk away, the other two siblings are more reluctant. They were demanding £6billion to sell United and were disappointed with Ratcliffe and Sheikh Jassim’s initial bids, which valued the club around the £5bn mark.
The Glazers could simply decide they don’t want to accept any of the offers on the table. Or they could choose to sell a minority stake to one of the investment groups in order to fund the redevelopment of Old Trafford.
