Manchester United are widely understood to only have two offers on the table to take over the football club.
Publicly announced bids were submitted by British billionaire Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani to the Raine Group, the merchant bank that is organising the potential sale on behalf of the Glazers, ahead of a self-imposed 'soft' deadline last month. American hedge fund Elliott and buyout financier Ares are also reportedly willing to finance a potential move but are not themselves bidders.
Ratcliffe and Sheikh Jassim have released statements that lay out their plans should they be handed the keys to Old Trafford, but what happens next? As the process moves onto its next stage, the Manchester Evening News have rounded up all of the very latest updates.
READ MORE: La Liga president addresses concerns about possible Qatari takeover
Sheikh Jassim's father raises doubts over bid
Sheikh Jassim bin Hamad Al Thani's father, Sheikh Hamad bin Jassim bin Jaber Al Thani, has claimed that any takeover of Manchester United would be seen as an investment rather than a means to advertise Qatar.
In an interview that was conducted before his son's bid was made official and published by Bloomberg, Sheikh Hamad, the former Qatari prime minister, appeared sceptical about the opportunity to invest in United.
He explained: "I am not a football fan. I don’t like this investment. Maybe it will work well. But you know, some of my sons like this, they always discuss it with me. They’re pushing hard. This isn’t my specialty. Let me put it like this: I am an investor. If it will one day be a good investment, I will think about it. I will not look at it as something you do just as an advertisement."
Saudi Arabia not in the running
Saudi Arabia are not in the running for a state-backed takeover of Manchester United due to their investment in Newcastle.
It has been claimed that PIF could consider selling Newcastle in order to acquire a majority share at Old Trafford, but Amanda Staveley, who is co-owner of the North East club, has now confirmed that is very unlikely. Asked whether PIF would sell Newcastle to buy United, Staveley replied: “No, I don’t think so.”
Read more, here
Boston Celtics co-owner responds to takeover question
Stephen Pagliuca has given his response to the potential takeovers at Manchester United and Liverpool after being asked whether is interested in investing in either of the Premier League giants.
Speaking at the Financial Times Business of Football Summit, Pagliuca was asked whether there he had any interest in either Premier League club. Pagliuca said: “I looked at Liverpool about 15 years ago when they had that situation (before their current owners, Fenway Sports Group, took over). I can’t talk specifically about any transactions we are working on because of confidentiality agreements, but obviously, we are aware of those transactions."
Read more, here
What actually happens next and what does that mean?
That is the question which supporters want to be answered.
To begin with, it's understood the two bidders, Sheikh Jassim and Ratcliffe, will be given access to a 'data room' where relevant financial information about the club will be made available, to reveal the value of assets and debts etc.
Sam Mabon, Head of Corporate at Brabners LLP, has bought and sold football clubs throughout his career and he recently confirmed to the Manchester Evening News that assessing relevant financial information will be the first step.
Read more, here
US finance group 'joins' race
American buyout financier Ares Management Corp have reportedly offered funds to help a potential bidder buy Manchester United.
Reuters have reported that Ares, which oversees around £290 billion worth of assets, is said to have offered funds to one bidder who had turned down the funding because the terms were 'unattractive'. The buyout financier group has previous reported interest in facilitating a Premier League takeover, with reports in 2020 that they were backing Miami-based investor Kapital Football Group in a potential buyout of an English top-flight side.
They were also reported to have backed two failed bids for Chelsea last year before the Stamford Bridge club were eventually bought by a consortium led by Todd Boehly for £4.25billion. A recent fund worth £3.1 billion had been raised by Ares to be dedicated to sports investment recently, and some of that money has already been put into Atletico Madrid and Inter Miami.
Read more, here
Xavi backs Al Thani takeover
Barcelona manager Xavi thinks a Qatari-led takeover of Manchester United would be a 'good option' for the club.
After retiring from football, Xavi's first job in management was with Al Sadd in Qatar, the club which he finished his playing career with, and he was asked ahead of the clubs facing off in the second leg of their Europa League tie for his verdict on a potential Qatari-led takeover at Old Trafford.
Xavi claimed that a Qatari-led takeover would be a 'good option' for United, despite the controversy around the bid. "I have a good relationship with the Sheikh. He is a serious, responsible person, and I think he would do a good job," Xavi said. "I know him well. He’s a very good person, and I think he would be a very good option for United. I worked in Qatar for six years.”
Read more, here
Share price slumps
Manchester United’s share price fell by more than 12 per cent on Tuesday.
This comes after the share price boomed ahead of Friday's 'soft deadline' for takeover bids following an initial rise from November's potential-sale announcement.
The club’s share price on the New York Stock Exchange on February 21 dropped from $25.55 (£21.08) to $24.27 (£20.02) within the first half hour, with a handful of rebounds in between. The share price at one stage fell to as low as $22.89 (£18.91) before ending at $22.99 (£19.02) by close, a drop of 12.69 per cent.
Read more, here
Al Thani 'prepared to increase' his bid
Qatari banker Sheikh Jassim bin Hamad Al Thani is 'prepared to increase' his bid to complete a takeover of United. This is according to a report from the Metro, which itself cites The Athletic.
It is claimed that Al Thani is ready to 'increase' his offer to fight off competition from Ratcliffe. They add that the sheikh 'feels he’s submitted an attractive offer' but is nonetheless "prepared to raise his bid even further" to complete a takeover.
What happens next?
The bids made public last week were only indicative, and that was only the first stage of the takeover process. Those who have registered interest will now enter a 'data room'.
There, they will be able to see the relevant financial information concerning the club. United - or, indeed, Raine Group - are unlikely to make any public statements as things stand.
Glazers keeping staff and players away from the process
Figures at Manchester United are being kept in the dark by the Glazer family over the process of potentially selling the club to avoid on-pitch distractions.
It is understood the Glazers are solely dealing with the Raine Group, the investment bank managing the probable sale of United, to avoid distracting the football staff.
There is some apprehension among staff at United as to what the outcome will be of the process to seek new investment.
Read more from our United correspondent, Samuel Luckhurst, here.
MUST statement
Manchester United Supporters' Trust (MUST) has issued a statement in response to the confirmation of Al Thani and British billionaire Ratcliffe's bids to complete a takeover of the club.
In response to the offers, MUST has issued a response, calling for any party that has aspirations of taking over the club to 'open a dialogue with fan groups'. They have also addressed fears concerning women's rights and anti-LGBTQ+ laws in Qatar.
A statement issued by MUST said: "At the commencement of the sale process, MUST was very clear about our list of asks for any new owner of Manchester United. These were to restore the Club to the top of European football, invest in the teams, the wider Club and the stadium, to ensure financial stability and work in true partnership with fans at all times.
Read more, here.
Ratcliffe vows
Ratcliffe and INEOS have made clear their plans for M United should they become the club's new majority owners after submitting a bid. A statement released on Saturday confirmed that their interest has been formalised into an offer to become the majority owners of United and thus have a controlling stake in the club. In it, they also describe themselves as "ambitious and highly competitive".
This public announcement came a day after Al Thani confirmed that they had submitted a bid to purchase the entirety of the club. American hedge fund Elliott have also reportedly entered the race but are apparently not proposing a full takeover of the club.
The 142-word statement makes three main vows. It includes "making United) the number one club in the world once again", "putting the Manchester back into Manchester United", and "clearly focusing on winning the Champions League".
Read more, here.
American hedge fund enters race
US hedge fund firm Elliott Investment Management has reportedly become the latest party to enter the United takeover race.
The business is said to manage assets of around £46bn and is headed by Paul Elliot Singer. The Raine Group had set a soft deadline of 10pm on Friday for potential bidders to submit their initial proposals.
The details of the interest put forward by Elliott Investment Management, which formerly owned Italian giants AC Milan, is unclear, but The Times reports that it has ruled itself out of a full takeover bid.
The report adds that the group has instead "offered to provide the financing for a bid" after making a last-gasp entry. Potential plans could include helping with debt management and part-ownership.
Read more, here.
Ratcliffe bid confirmed
Chemical giant INEOS confirmed that Ratcliffe has submitted a bid to secure 'majority ownership' of United.
Ratcliffe, who is from Greater Manchester, was also widely reported to have submitted a formal offer, as was expected. He confirmed that he would be entering the bidding process last month.
Read more, here
Qatar banker confirms bid
Al Thani, the chairman of one of Qatar’s biggest banks - Qatar Islamic Bank, has confirmed he has submitted a bid to take over United.
A statement confirming the bid from Al Thani said: "Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club.
"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.
"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 the 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."
Read more, here.
Musk 'joins race'
Elon Musk was reportedly among the interested parties ready to make a bid for United.
That was according to the Daily Mail, who claimed the Tesla and Twitter owner is weighing up whether the opportunity at Old Trafford is too good to pass up. The Glazer family put United up for sale in November.
Musk is said to have an enormous net worth of £157bn and could potentially join forces with an interested individual or group to become the figurehead of the bid. Musk has joked in the past that he would buy United, but on this occasion, the reports look to have a little more substance behind them, with the business tycoon said to be a boyhood fan of the club.
Read more, here.
Avram and Joel Glazer exploring buying out siblings
United co-chairmen Joel Glazer and Avram Glazer are exploring the possibility of buying out their four siblings on the club board as prospective investors prepare to submit their proposals. A soft deadline of February 17 has been set for interested parties to formally outline their strategy three months after the Glazers announced they had started a process "to explore strategic alternatives to enhance the club's growth".
Avram Glazer was in Dubai last week amid interest in selling a minority stake to Qatari investors. Glazer principally visited the Gulf state to watch the cricket franchise he owns, the Desert Vipers, who lost in the International League T20 final on Sunday. Qatari Sports Investment's ownership of Paris Saint-Germain means any Qatari approach would have to be through a consortium or an individual, as Uefa rules prevent multi-ownership.
Read more from our United correspondent Samuel Luckhurst here.
UEFA stance on multi-club ownership amid Qatari interest
UEFA says multi-club ownership poses “a material threat to the integrity of European club competitions” amid reports of takeover interest in Manchester United from Qatari backers.
The QIA is subject to supervision by the state of Qatar and, in turn its Emir, Tamim bin Hamad Al Thani. The QIA and QSI are separately-run entities despite their same-state ownerships.
Read more, here.
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