Manchester United takeover deadline have been extended again by the Glazers amid mounting uncertainties surrounding the takeover process.
It appears Manchester United fans have to endure a marathon of unintended delays after the Glazers douse tension by announcing their decision to hand off the club after eighteen years of ownership.
In November 2022, Manchester United ownership led by the Glazers’ succumbed to pressure and reiterated their decision to sell Manchester United amid seething protests of their mismanagement of the club.
The American investors backed their resolve by initiating a pragmatic move to begin the takeover process, appointing Raine Group to oversee the sale process.
The takover process was expected to be brought to a logical conclusion on or before the end of March. Raine Group had immediately swung into action setting the mid-February deadline to welcome offers – buyout and investment offers – for the club.
However, the process has been dragging despite offers being submitted by interested parties for the club. Sir Jim Ratcliffe and Sheikh Jassim Al-Thani have both submitted takover bids for the club.
The submission of offers would have outrightly ushered in takeover talks, but negotiations with the new potential owners was delayed.
Reports later emerged the March ending deadline for the conclusion of the takover process was not feasible. The deadline was further delayed till April ending.
Now, according to the Daily Mail, the Glazers have ‘pushed the deadline for a potential sale of Manchester United back until the start of the transfer in June.’
We understand the Glazers are still holding out on their £6bn valuation of Manchester United and offers submitted so far have fallen below the mark.
This has been the crux of the uncertainties that has surrounded the sale of Manchester United. Particularly, two of the leading members of the Glazers family, Avram and Joel Glazer, are reportedly considering reversing their intention for an outright sale of the club.
They are considering priotizing investment offers instead of buyout offers since non have met their valuation of the club.
Recently, an American investment firm Elliot Investment has joined Ratcliffe and Jassim on the stage of the takeover negotiations.
Elliot investment are reportedly not interested in a total buyout of the club, but investment in shares. While this will make more funds available for the club, it will still have the Glazers in control of the club – a move that will not sit well with Manchester United fans.
Also, there are reports the Glazers are still interested in full sale but wants to keep Elliot Group in the takeover scene to command higher offers for the club.
Meanwhile, Manchester United have invited all bidders to a two-week presentation at the club to explore ways of rasing funds for the club and also touch on gray areas on the takeover process.
Ratcliffe and Sheikh Jassim are all expected to attend the presentation.
As things stand, the Glazers will likely continue dragging the takeover process towards the June deadline to persuade bidders to table their desired offer.
