Manchester United bidders anticipate hearing back from the process’s administrators this week as share price drops by 13%.
According to sources with knowledge of the matter, we understand that American merchant bankers Raine Group are planning to get in touch with those who submitted offers to either acquire or make an investment in the Premier League heavyweights over the coming days.
The change occurs after another challenging day for the club’s stock price. When it was reported earlier this month that a proposal from Qatar would be arriving, the amount skyrocketed.
But, at one point on Monday, the price had decreased by about 13% as a result of reports that United’s owners, the Glazer family, were considering keeping control of the company.
There are now two parties who are interested in purchasing the club – a proposal for complete ownership from Qatari Sheikh Jassim bin Hamad al-Thani and a proposal for a controlling stake from British billionaire Sir Jim Ratcliffe.
The “soft deadline” for submission of offers was February 17. In preparation for the next process, Raine has been sorting through the bids.
Following their first indications of interest, those who are still in the race should be granted access to United’s complete financials.
First proposals are unlikely to be accepted, and a period of negotiation is anticipated to follow.
Some people think the Glazers’ asking price of £6 billion is an unrealistic amount.
Some of the parties engaged may be placed in contact with one another with the goal of forging consortiums, as was the case with the Chelsea bidding process, which Raine also oversaw.
This season, anti-Glazer sentiment has been prevalent at United games, but it peaked during Sunday’s Carabao Cup final with Avram Glazer in attendance.
Loud chants of “We want Glazers out” could be heard from the United section as they got closer to winning their first championship in five years, while some fans brandished anti-Glazer placards.
Avram and his brother Joel have received offers of investment in addition to takeover bids for the team, which they could theoretically use to pay off the other four family members and renovate Old Trafford and the team’s practice facility.
It remains to be seen how that would be received by the supporters. When protesting fans were able to enter Old Trafford during United’s match against Liverpool on May 21, the game was called off due to United’s backing for the later-abandoned European Super League.
It is believed that Al-Thani, who is the chairman of one of Qatar’s largest banks and the son of a former prime minister, watched the game with family at his Doha residence.
He is a well-known United supporter, and according to friends, he sports the team’s jersey during weekly five-a-side games.
Sportsmail is aware that several of the bidders are upset that they have not received a response since the deadline.
Raine had previously instructed individuals involved in the process to remain silent.
Manchester United
Manchester United Football Club, also known as Man United, Man Utd, or simply United, is an English professional football team with their home stadium located in Old Trafford, Greater Manchester.
The Premier League, the top tier of the English football league system, is where the team participates.
It was established in 1878 as Newton Heath LYR Football Club and was given the nickname “the Red Devils.” In 1902, it changed its name to Manchester United.
The club initially played at Clayton, Manchester, before relocating to Old Trafford in 1910.
Manchester United has records for the most League titles (20), FA Cups (12), League Cups (6), and FA Community Shields (21) ever won.
They have also won the UEFA Europa League, UEFA Cup Winners’ Cup, UEFA Super Cup, Intercontinental Cup, and FIFA Club World Cup once each. They have also won the European Cup/UEFA Champions League three times.
Raine Group
The Raine Group, LLC is operating as an investment bank. The company offers advisory services for the sell- and buy-side, capital structure, merger, joint venture, defense, fairness opinion, special committee, intellectual property, and IPO.
Only businesses in the internet, media, entertainment, sports, and lifestyle industries are served by Raine Group’s services.
