As we have been reporting in the previous weeks, the process of finding new owners for Manchester United is being done expeditiously to make sure it is finalised before the start of the summer transfer window.
This prompted the Raine Group – the investment bank conducting the sale- to set 9pm GMT on Wednesday as the deadline for the submission of the second bids.
However, this deadline passed yesterday with neither of the two bidders, Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire of INEOS Group Sir Jim Ratcliffe submitting their bids.
The two, who are leading the race for the takeover of Manchester United instead asked Raine Group to give them more time to prepare their second and improved bids and their request was granted.
The bids are expected to be between £4.5 billion and a little bit less than the Glazers’ asking price of £6 billion, but both camps are still 100% committed to negotiating a takeover of one the world’s biggest football clubs.
Both competing camps met with the club bosses last week at Old Trafford and later visited Carrington ground, with Sheikh Jassim sending a delegation and Sir Ratcliffe attending the meeting in person.
Although there are about eight other bidders, some of whom are just looking for investment opportunities in the club, only Sheikh Jassim and Sir Ratcliffe have been publicly declared as interested in taking over Manchester United. The Glazer family put the club up for sale in November last year.
