Prospective buyers of Manchester United have been asked by the American owners to submit revised offers for the club by Wednesday, 9pm. Qatar, led by Sheikh Jassim bin Hamad Al Thani, is expected to make a bid before the deadline after holding talks with the owners at Old Trafford last week.
The Glazer family, who currently own the club, value it at approximately $7.5B, and no bids matching this amount have been received yet. Qatar’s initial offer was reported to be around $6B, while British billionaire Jim Ratcliffe, a fan of the club, is also a potential buyer. The sale of the club has been a prolonged process due to the valuation mismatch.
Man United were put up for sale in November. A statement from the club at the time said: “Manchester United plc, one of the most successful and historic sports clubs in the world, announces that the Company’s Board of Directors (the “Board”) is commencing a process to explore strategic alternatives for the club”.
“The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially”.
“As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company”.
“This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders”.
Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said, “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1B fans and followers. As we seek to continue building on the Club’s history of success, the Board has authorized a thorough evaluation of strategic alternatives”.
“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future. Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
