Recently, Manchester United F/C was put up for sale, and a number of bidders expressed an interest in the well-known football team. However, the bidders are now dissatisfied with the lack of information regarding their potential takeover.
Second bids from potential new owners have been in for two weeks. There are worries that there won’t be a sale to raise money for next year. Those in the chase after the club are turning out to be progressively baffled – having not gotten an update since filing second bids for over seven days.
Additionally, there are growing concerns that, with time running out, if the Glazer family accepts an offer for complete control, any selected buyer might not be in place in time to oversee the summer transfer window.
British billionaire Sir Jim Ratcliffe’s group and Qatari Sheikh Jassim bin Hamad al-Thani made second offers on March 23 but there seem to be no response up until this date.
After failing to meet the short deadline set by Raine Group, the US merchant bankers in charge of the process, both parties had been given longer deadlines to submit their bids.
At one phase, with time remembered to be of the pith, those included expected to hear back in around seven days’ time. But that hasn’t happened, and clearly, the situation has made some people angry and even frustrated.
The Glazer family’s owners are looking into ways to raise the price, according to reports.
If his offer is accepted, Sheikh Jassim has already indicated that he will make significant investments. As he tries to reorganize his team, manager Erik ten Hag will probably get a lot of money.
The Glazers’ next course of action is yet to be determined. The bids are thought to have been in the region of £5bn, with the Americans seeking to to look for £6bn.
They can either request a third round of bidding or enter into exclusivity with one group at this point.
Some feel that the lack of movement is an indication that they are considering all options closely and examining ways to drive the price up.
Aside from the two bidders for full control, US outfit Elliott Investment Management are one of a number of groups offering cash in exchange for a partial stake.
United would need between £1bn and £2bn to either redevelop Old Trafford or build a new stadium and carry out upgrades to their training ground.
Should the Glazers choose to stay, the response from supporters is probably not going to be warm.
Anti-Glazer chants calling on the Americans to sell United have been commonplace at games and a new, giant banner, reading ‘Glazers Out’ was displayed above the players’ tunnel at United’s last home match against Everton.