Claim and counter claim in race to buy Manchester United
Qatari Sheikh Jassim Bin Hamad al Thani has submitted an increased fourth bid to buy Manchester United Football Club, according to Sky News.
Bankers at Raine Group in New York have received an offer of “close to £5bn” for the whole club, as a counter to briefings at the weekend from Sir Jim Ratcliffe and INEOS that are pitching a higher price, but allowing the Glazer family to retain an initial stake of 20% as part of a gradual exit.
In secretive briefings both parties are also talking up their plans to spend heavily to upgrade Old Trafford, create a bigger leisure experience surrounding the stadium and invest in the club’s Carrington training ground.
United’s shares on the NYSE closed at $18.80 yesterday valuing the club at $3.09bn (£2.47bn).
In a biting analysis piece Kaveh Solhekol, Sky Sports News chief reporter, described the process as “totally undignified”.
He added: “It is unbecoming for a club as big as Manchester United to be treated the way it has. This has been hanging over everyone – the manager, his coaching team, the players – for six months.
“Why has this taken so long when it’s been obvious from day one that only two parties were interested in buying the club – Sheikh Jassim and the Qataris, and Sir Jim Ratcliffe?”
