Manchester United have reportedly asked the club’s potential new owners to submit one-paragraph offers summarising their bids before the end of next week.
The Glazers finally decided to put up Manchester United for sale after intense pressure by fans.
The Glazers’ 18 years ownership will summarily come to an end soonest after it had passed through a fire of protests by disgruntled Man United fans, who berated the club’s fall from glory to mismanagement under the watch of the American owners.
The Glazers’ set a mid-February deadline to entertain bids from bidders and welcome offers for the club.
At the time of filing this report, there are five “serious” bidders for the Red Devils, with a group of Qatari investors and Britain’s richest man, Sir Jim Ratcliffe leading the race to take over the club.
Now, sources close to the Old Trafford club have comfirmed Manchester United are keen on not shifting the mid-February deadline, and have reportedly asked bidders to tender a summary of their offer before Friday 17 February.
Daily Mail reported that the deadline has been set by the Glazers’ to ensure a speedy takeover process.
Details of what the Glazers’ wants from Manchester United bidders include a summary of the amount and percentage they want to buy at the club.
The summary is expected to be a one-paragraph writeup with proof of funds attached to show they mean business.
It will be a historic moment for the club as the fans anticipate a long-awaited transition from the hands of the Glazers to new owners.
With the club’s Premier League profile, a lot of offers is expected to arrive at the Old Trafford club, from investments in shares to full takeover bids.
Meanwhile, there are reports that not all offers will be considered. Only offers which meets the demands of the club will be prioritized.
The Glazers reportedly want £6bn for full takeover bids. Investors in shares are also welcomed.
However, Raine Group, who have been saddled with the responsibility of overseeing the sale process, have confirmed not all bids will be entertained.
Both the full takeover bids and other investors seeking to buy shares will be considered depending on their offers.
According to reports, it appears a group of private Qatari investors, who just emerged into the scene in the last few days, will beat the competition to take over Manchester United.
Reports have it that the group are moving quickly to table their bid for the club, which is believed will be the “strongest” offer.
This implies the likes of Sir Ratcliffe, the only person who went public with his interest in buying United, may be swept by the wayside in the final hours.
The 70-year-old is said to have financial backing from powerhouse investment banks Goldman Sachs and JP Morgan.
Meanwhile, Manchester United have witnessed a resurgence under new manager Erik Ten Hag.
They club is pushing earnestly for a top-four finish this season and will travel to Elland Road to take on Leeds in the Premier League today.
