The Qatari group led by Sheikh Jassim bin Hamad Al Thani will table a third and final offer for Manchester United on Friday, bolstered by fresh assurances that the government will not block its proposed takeover at Old Trafford.
If the Glazers finally give the green light to the Sheikh’s offer for 100 percent control, multiple Whitehall sources insist the only remaining hurdle will be the Premier League’s strengthened directors’ and owners’ test.
Insiders maintain that the Qataris remain the most likely bid to be successful should a full sale take place. However, as New York brokers Raine received a third round of offers by the deadline of 10pm on Friday, another contender, Sir Jim Ratcliffe, appears to be lining up a more flexible offer, which could allow for Avram and Joel Glazer to retain a minority stake.
The British billionaire’s Ineos group declined to comment, citing non-disclosure agreements with Raine, but it is believed the proposal would include a controlling stake of just over 50 percent, with about 20 percent remaining in the possession of Avram and Joel. That could prove a hard sell to United supporters, who have been increasingly agitating for the Glazers to fully sell up.
Sheikh Jassim, meanwhile, remains committed to a debt-free purchase. With a potential deal now entering its defining stage, one senior Whitehall figure emphasized that the process remained “nothing to do with the government and we are not involved”. “It’s a matter for the Premier League,” the source added.
The world’s richest domestic football competition has recently fortified its tests for those who own and operate clubs, introducing a human rights element. Last month, the Politico website quoted a senior UK trade envoy saying, in response to the Qatari bid, that Britain should “absolutely be embracing foreign investment into this country from the Middle East, whether it’s in football or green energy”.
United had hoped to complete the current process by the end of this month, but that now appears impossible. When the club announced a “strategic review” last November, it was stated that the Glazers would consider all options, including “new investment into the club, a sale, or other transactions involving the company”.
Much of the focus has centered on the only two parties proposing a full takeover, but a number of United States-based investment funds, including Elliott Management, Carlyle Group, Ares Management and Sixth Street, have registered interest in acquiring a minority stake in the club and/or providing financing.
Offers of £5 billion are believed to have already been made in the second round of bidding, which would obliterate the current record purchase of a sports team, following the sale of the Denver Broncos American football franchise for £3.8 billion last year. But the Glazers have been looking for as much as £6 billion to sell, and it remains to be seen if any of the upcoming bids will be sufficient to persuade the Americans to end their 18-year reign.