Man Utd takeover – news: Sir Jim Ratcliffe and Ineos submit improved bid for club
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Neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline, The Independent understands.
Both parties had until 9pm to submit their offers but have instead asked for an extension, which they were granted. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn.
Ratcliffe’s INEOS group and the bid fronted by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist it emerged the Raine group received neither offer. An extension to the process has been granted, however, and both Ratcliffe and Sheikh Jassim both intend to meet the new deadline.
The Glazers, who bought Manchester United for £790m in 2005 and saddled the club with debt, want around £6bn, which would be a record fee for a football club. Follow all the latest updates on the takeover below:
Manchester United takeover news - latest updates
Leading Manchester United bidders granted extension after 9pm deadline passes
Sheikh Jassim and Sir Jim Ratcliffe make dramatic last-minute plea to extend deadline
Both leading contenders expected to submit new, world-record bids on Thursday
New bidder enters race to buy Manchester United
MIGUEL DELANEY: Qatar takeover of Man United would be new low for English football
Manchester United takeover: Sir Jim Ratcliffe and Ineos submit improved bid
Manchester United takeover: What next?
18:30 , Michael Jones
Bids will be handled by the Raine group, but it is understood the Glazer family are split over whether they want to sell the club or retain minority ownership.
While the Qatar and INEOS bids should be on the table after today’s extended deadline, a third option would be raising funds through minority investors for renewed investment into the club.
The Glazers would want a record £6bn for the club if they decide to sell - a fee The Independent understands the Qatar group are prepared to match.
INEOS have the funds to compete with the Qatar bid but it has been reported Ratcliffe has held concerns over the price rising too high.
Manchester United takeover: Sir Jim Ratcliffe and Ineos submit improved bid
18:25 , Michael Jones
Sir Jim Ratcliffe and Ineos have submitted a revised bid for Manchester United.
The move comes after Ineos was granted an extension beyond Wednesday night’s deadline, as the bidding process for what will likely become a world record deal hots up.
After an initial offer in the region of £4 billion, one of the front-runners to succeed the Glazer family has tabled a fresh bid. A statement from an Ineos spokesperson read: “Sir Jim Ratcliffe and Ineos can confirm we have submitted a revised bid.”
The Independent has reported that Qatari banker Sheikh Jassim Bin Hamad Al Thani is also prepared to up his bid for the Old Trafford club.
Sir Jim Ratcliffe and Ineos submit improved Manchester United bid
Sir Jim Ratcliffe makes revised bid
18:18 , Michael Jones
Confirmation has come through that Sir Jim Ratcliffe and his INEOS group have submitted their revised bid to buy Manchester United.
He had previously asked Raine, who are running the sale for the Glazers, for an extension to the 9pm deadline yesterday and that was granted.
The believed bid is thought to be around £5bn.
Manchester United takeover: Deadline for bids extended
18:15 , Michael Jones
There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.
Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.
Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.
Man Utd takeover news: Two new bidders emerge after others granted extension
Sir Jim Ratcliffe will not pay ‘stupid money’ for Manchester United
18:00 , Michael Jones
Sir Jim Ratcliffe says he will not pay a “stupid” price to acquire Manchester United as the petrochemicals billionaire prepares to go up against Qatari Sheikh Jassim in the race to buy the Premier League club.
The INEOS chief executive and his team held talks with United last Friday during a visit to Old Trafford and the Carrington training complex.
In an interview with the Wall Street Journal, the 70-year-old said: “How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint.
“What you don’t want to do is pay stupid prices for things because then you regret it subsequently.”
Paul Scholes hopes fan unrest ends if Manchester United get new owners
17:52 , Michael Jones
Paul Scholes hopes the potential sale of Manchester United will bring to an end years of fan unrest.
The Glazer family are considering selling the Old Trafford giants after 18 years of controversial ownership.
The Americans have invited interested parties to submit plans to take the club forward, which could either mean a full takeover or significant investment.
So far two bidders, Ineos owner Sir Jim Ratcliffe and Qatari businessman Sheikh Jassim, have gone public with plans to take outright control of the club but there could be other interest.
Former United midfielder Scholes has no preference over who might take charge but just hopes it does happen for the sake of harmony.
Paul Scholes hopes fan unrest ends if Manchester United get new owners
Manchester United not worth Glazers’ valuation says finance expert
17:44 , Michael Jones
Football finance expert Kieran Maguire says the suggestion that the Glazer family would receive more than £5bn for the Red Devils is way off the mark.
In a similar comparison, Todd Boehly’s consortium bought Chelsea for £4bn and with Manchester United being a more historically rich and successful side, not to mention more commerically viable, then the Glazers’ valuation doesn’t seem too over the top.
“Manchester United is a much bigger football club than Chelsea,” Maguire told CNN. “It’s got a bigger ground. It’s got a bigger fan base. It’s a much more well-known brand.
“It’s a bit like putting up your house for sale and you give a rough guide price. The Glazers are looking for $7.2 to $9.6 billion. It’s probably not worth that … and it comes down to how much each party is willing to compromise or to pay in terms of extra financial commitments.”
Qatar takeover of Man United would be new low for English football
17:37 , Michael Jones
A Qatari state takeover of Manchester United would be nothing short of an English football travesty, writes Miguel Delaney.
This is a moment of enormity for the sport. The concern is two-fold, both having a multiplying effect on the other to pose a potentially irreversible impact on the game. At its moral core, there is English football’s biggest club being made to represent the biggest problem in football right now. United would be politically used to mitigate one of the most criticised human rights records on earth, centred on a labour system described as modern slavery, consequently making this noble institution complicit.
United would no longer just be about Salford, Manchester and a community of fans thrilled by a glorious history of adventure and defiance. It would be about Qatar, its foreign policy and the kind of issues that just shouldn’t be a concern for football. “Sportswashing” is too soft a description for what is actually happening here, especially when you consider the other issue.
The purchase of United by a state bid would mean the three primary countries driving the Gulf blockade all finally own major clubs in England, including the biggest of all. What would it say for what the Premier League is? The most watched league in the world would become the most morally compromised, by far greater degrees. The competition would be turned into a political arena. Manchester would be turned into a political arena. Nobody should be under any illusions about that.
Read Miguel’s full piece on the implications of a Qatari takeover of Man Utd:
Qatar takeover of Man United would be new low for English football
Sheikh Jassim ‘willing to overpay’ for Manchester United
17:30 , Michael Jones
Sheikh Jassim Bin Hamad Al Thani would now be “willing to overpay” for Manchester United with a figure closer to the Glazers’ £6bn price tag when he makes a second bid for the club on Wednesday say Sky Sports.
It was previously expected that the Qatari bidders were determined not to pay over the odds for the club, a stance echoed by Sir Jim Ratcliffe, the visit to Old Trafford by a delegation representing Sheikh Jassim has changed things.
Following long, constructive meetings and consultations with his bankers and advisers in Qatar last Friday Sheikh Jassim is said to be putting together what he believes will be a compelling offer for the club.
The most expensive Premier League takeovers in history
17:22 , Michael Jones
2022: Todd Boehly for Chelsea, £4.25bn
The most expensive takeover in Premier League history to date happened last year in the wake of Russia’s invasion of Ukraine. Sanctions placed on Roman Abramovich, an oligarch with ties to Vladimir Putin’s government, forced the Russian to sell the London club he had owned since 2003. Chelsea drew interest from a number of consortiums and wealthy individuals, pushing the potential sale price up to in excess of £4 billion, with a consortium fronted by American investor Todd Boehly sealing the takeover in May 2022.
A part owner of the Los Angeles Dodgers and Los Angeles Sparks, Boehly’s ownership of the club has so far seen a major outlay in the transfer market, with the businessman’s erratic transfer strategy and heavy involvement in the football side of the club criticised by some. Reported clashes between Thomas Tuchel and Boehly brought an end to the German manager’s tenure at Stamford Bridge last September, with Graham Potter appointed as Tuchel’s replacement.
The most expensive Premier League takeovers in history
17:15 , Michael Jones
2005: Glazer family for Manchester United, £790m
The Glazer family first to took a minor stake in Manchester United in 2003, slowly buying out other shareholders over the next two years to complete a full takeover in 2005. Patriarch Malcolm Glazer, who also led the purchase of NFL franchise the Tampa Bay Buccaneers, died in 2014, leaving control of the club in the hands of his six children.
Sons Joel and Avram have been most heavily involved and suffered significant criticism, with Old Trafford in need of refurbishment and Manchester United’s on-field fortunes suffering a down-turn after the retirement of Sir Alex Ferguson. The Glazers now appear on the brink of a sale.
The most expensive Premier League takeovers in history
17:08 , Michael Jones
2008 onwards: Stan Kroenke for Arsenal, £731m
American billionaire Stan Kroenke has been involved with Arsenal since 2008, spending a total of in excess of £700 million to take and maintain majority control of the club. The septuagenarian is also a team owner in the NFL, NBA, NHL and MLS.
In 2018, his buyout of former club shareholder Alisher Usmanov valued Arsenal’s shareholdings at £1.8 billion. After an extended period without mounting a serious title challenge, the London club are currently top of the Premier League under manager Mikel Arteta.
The most expensive Premier League takeovers in history
17:01 , Michael Jones
2021: PIF for Newcastle, £300m
A consortium led by the Saudi Public Investment Fund completed their takeover of Newcastle in October 2021. The deal was delayed after initial resistance from the Premier League amid significant criticism from human rights groups and reports of influence on the league from Qatar-based television partner beIN Sports, but was eventually concluded after a protracted 18-month process.
Increased investment has allowed Eddie Howe’s side to establish themselves as top-four challengers this season.
The most expensive Premier League takeovers in history
16:52 , Michael Jones
2010: Fenway Sports Group for Liverpool, £300m
Already the owners of Major League Baseball’s Boston Red Sox, Fenway Sports Group (FSG) completed their purchase of Liverpool in October 2010. Led by billionaire John W Henry, the sports investment conglomerate was founded in 2001 and their investment helped Jurgen Klopp assemble the first Premier League title-winning Liverpool side.
But FSG have proved increasingly unpopular among Liverpool supporters, with Henry apologising to fans for the club’s proposed involvement in the failed European Super League project, and FSG confirmed late last year that they would be willing to consider new shareholders amid reports the club was up for sale.
The most expensive Premier League takeovers in history
16:44 , Michael Jones
With Manchester United set to be bought for a potential world-record price for a sports team, we look at the previous most expensive Premier League takeovers in history, starting with their noisy neighbours.
2008: Sheikh Mansour for Manchester City, £210 million
It was the deal that precipitated the establishment of Manchester City as one of the Premier League’s biggest clubs, leading to an era of record transfer deals and significant, sustained success. Sheikh Mansour, the Deputy Prime Minister of the United Arab Emirates, completed his controversial takeover in September 2008 through the Abu Dhabi United Group, an investment arm of the Abu Dhabi royal family.
Six Premier League titles have followed, with Manchester City’s owners also investing in a number of other clubs around the world to create a global network. But alleged breaches of the Premier League’s financial rules have led to the club being charged by the English top division.
Manchester United bidder INEOS identifies new sporting director if takeover successful
16:36 , Michael Jones
Paul Mitchell has been earmarked for a role in any INEOS football structure at Manchester United, should the Sir Jim Ratcliffe-led consortium buy the club.
The recruitment expert has confirmed he is leaving his role at Monaco, and is primarily looking for a return to England.
The Independent has been told that there had been initial explorations from Liverpool for Mitchell to become their sporting director as they undergo an overhaul of staff around Jurgen Klopp but it has now been clarified he is out of the running.
The Anfield club have faced an upheaval in their technical staff over the last year, with Michael Edwards leaving in the summer and Julian Ward now set to follow - but could now find themselves in competition for major figures with United.
Man Utd bidder INEOS identifies new sporting director
Will the Glazers actually sell Manchester United?
16:30 , Michael Jones
The Glazer family say that will definitely sell Manchester United if the right price comes in from one of the prospective bidders. The current asking prcie from the Glazers is believed to be £6bn.
The two frontrunners, Sheikh Jassim and Sir Jim Ratcliffe are believed to have tabled bids worth £4.5bn in the first round of the takeover process.
Should the Glazers valuation not be met they could raise capital for investment in the club and pay down its debt.
It cannot be rueld out that the Glazers will keep control of United by agreeing a minority deal, with the team’s performances improving dramatically and a new strategy now in place.
Multi-club ownership damages ‘integrity’ of football, warns A22 chief
16:22 , Michael Jones
Football is vulnerable to Formula One-style team orders without strict rules on multi-club ownership, according to the man leading plans for a new European Super League.
Multi-club ownership is in the spotlight at the moment with Manchester United currently in the sights of INEOS, which also owns French club Nice.
Concerns have also been raised over Qatari interest in the Red Devils, though sources close to Sheikh Jassim, who has publicly confirmed his interest in buying United, deny there is any link between him and the Qatar Sports Investments group which owns Paris St Germain.
UEFA rules bar clubs playing in the same competition in the same season if they are controlled by the same individual or entity, but its financial experts decided in 2017 there was sufficient separation between Red Bull-owned Leipzig and Salzburg to allow them to enter the Champions League together.
Multi-club ownership damages ‘integrity’ of football, warns A22 chief
Man Utd charged by FA for surrounding referee during Fulham FA Cup tie
16:13 , Michael Jones
Manchester United have been charged by the Football Association for surrounding referee Chris Kavanagh in Sunday’s fiery FA Cup quarter-final win over Fulham.
United’s players appealed to the referee for a handball after Kavanagh originally awarded a corner when Willian blocked Jadon Sancho’s shot on the line – a decision which sparked a chaotic few minutes.
Kavanagh changed his decision after checking the pitchside monitor and sent Willian off before being pushed by Fulham striker Aleksandar Mitrovic, who was also dismissed along with Cottagers boss Marco Silva.
Both Silva and Mitrovic have already been sanctioned by the FA, with the latter facing a lengthy suspension, and United have now also been charged over the behaviour of their players at Old Trafford.
Man Utd charged by FA for surrounding referee during Fulham FA Cup tie
What is the issue with PSG’s Qatari ownership?
16:05 , Michael Jones
Sheikh Jassim is said to be financing his bid for Manchster United via private wealth but his family has close links to Qatar’s ruling elite and this has raised questions about the source his funding.
His father had controlled the money at the Qatar Investment Authority (QIA) for years. The QIA is the £370 billion fund which helps to back Paris Saint-Germain through its subsidiary Qatar Sports Investment (QSI).
Sheikh Jassim’s bid group has repeatedly claimed the funding for the club is independent of the QIA. Last week they assured United that they are confident the rules prohibiting clubs with the same owner playing in the same competition would not be broken.
Should that claim turn out to be false then PSG and Manchester United would be not allowed to both compete in the Champions League for example.
However, even if state funding was proven, Uefa president Alesander Ceferin may be willing to look the other way. He said this month that European football’s governing body was considering a rule change that would allow clubs with the same owner to play in the Champions League simultaneously.
Greed has brought football to the brink of implosion – now the entire structure could collapse
15:56 , Michael Jones
Back in the early 1990s, a group of European football figures travelled to the United States for advice on how to grow the game, only to be given a warning by one of the American sports officials.
“If you think you’ve got problems now, wait until you start making money.”
It was counsel that has come to archly describe football in 2023.
The game’s giddy embrace of late-stage capitalism has made it an immense financial and cultural force, to the point the major American sports are now said to be “petrified” of its growing US influence ahead of the 2026 World Cup. The build-up to that, and the sport’s final and full global takeover, might nevertheless bring a breaking point in football history. That is because – as with so much in late-stage capitalism – the opulent top end is better off than ever before but the wider health of the rest has never been worse. The game has grown to a size where it is this gleaming cultural monolith but one filled with several structural faultlines.
Some of these have been revealed and widened by major stories of the last few weeks, only signalling how close we may be to something very significant.
Manchester United could spark football’s ‘Big Short’ moment
Who’s in the running to buy Manchester United?
15:48 , Michael Jones
Sheikh Jassim of Qatar and Sir Jim Ratcliffe are the faces of the two most public bids for Manchester United but up to eight interested parties toured Old Trafford and the Carrington training ground last week.
Elliott Investment Management, a US hedge fund, are known to have contacted Raine - the bank handling the sale for the Glazer family. They’re offer is to help finance any takeover and have indicated it would give assistance to the Glazers should a sale fail to materialise.
In that outcome Joel and Avram Glazer could potentially buy out their other siblings, as has been one rumoured option, though that borrowing would likely be leveraged against the club as opposed to the two individuals and would not go down well at all with Manchester United fans.
Other investment groups — including Ares Management, which refused to comment on its involvement — are thought to have also offered their capital to potential bidders and the Glazer family.
Finnish businessman Thomas Zilliacus has launched a surprise, unconventional bid to buy Manchester United that would allow supporters a degree of control in the club. The 69-year-old, founder of investment company Mobile FutureWorks Group, is based in Singapore and involved in a wide range of business globally.
Elliott Management enter the fray to buy Manchester United
15:40 , Michael Jones
Elliott Management have made an offer to buy a minority stake of Manchester United, potentially changing the landscape of the sale. The Independent has been told the bid, which was submitted before Wednesday night’s 9pm deadline, is for a small stake in the club.
Figures involved with the process have long maintained that the Glazers staying on with such a deal is an option that cannot be ruled out.
The Independent had been told three weeks ago that Elliott was planning a bid for a minority stake, only for the group to say that was “categorically untrue”. While it is maintained that the offer was only decided upon after a tour of United last Thursday, numerous sources insist it has been considered for some time.
The controversial investment group previously owned AC Milan and the move into English football is understood to represent a developing policy on the UK arm of the business.
Elliott Management enter the fray to buy Manchester United
Fan investment and app voting: Finnish entrepreneur’s unique bid to buy Man Utd
15:32 , Michael Jones
Finnish businessman Thomas Zilliacus has launched a surprise, unconventional bid to buy Manchester United that would allow supporters a degree of control in the club.
The 69-year-old, founder of investment company Mobile FutureWorks Group, is based in Singapore and involved in a wide range of business globally.
His offer is, according to Zilliacus, based on “equality with the fans”.
A former owner of clubs in Finland and Singapore, Zilliacus has suggested he is able to finance half of a bid for the club, with the other half contributed by fans via a newly-formed company.
Were Zilliacus’s offer to be successful, an app would give Manchester United supporters who invested the ability to vote on footballing matters related to the Old Trafford club.
Fan investment and app voting: Finnish entrepreneur’s unique bid to buy Man Utd
Sir Jim Ratcliffe could bring in financial backers to boost bid
15:23 , Michael Jones
Sir Jim Ratcliffe is reportedly considering a number of other financial backers to help him beat Sheikh Jassim bin Hamad al-Thani in the Manchester United takeover race.
The Qatari banker is the current frontrunner to complete a takeover of the club though Ratcliffe seeks to bring in other parties to bolster his position following an extension to Wednesday’s 9pm soft deadline.
The Daily Mail reports that the petrochemical billionaire interest in other parties is to try and increase the scope of his bid with second bids likely to surpass the £5bn mark.
What is the difference between Sheikh Jassim and Sir Jim Ratcliffe’s bids?
15:15 , Michael Jones
Although neither Sheikh Jassim nor Sir Jim Ratcliffe is thought to have surpassed £5bn with their initial bids, both are expected to get closer to the mark second time around - after they were granted an extension to the initial deadline of 9pm yesterday.
However, the two bids were for different stakes of ownership and brought different options to the table for Manchester United as a football club.
Sheikh Jassim wants to complete a full takeover of United, meaning he would buy the Glazer family’s 69 per cent and then purchase the remaining 31 per cent, which is made up of smaller investors. This could take some time as he would have to contact and negotiate with each investor to buy out their shares.
The Qatari banker has also made several pledges to invest in specific areas of the club - such as renovating the stadium - leaving United in debt following the cash purchase.
Ratcliffe’s bid is only for the Glazers’ 69 per cent and a majority shareholder stake. At this stage he is not offering to buy out the remaining shareholders.
He would have to borrow money to finance any takeover and his company INEOS has not committed to paying off the club’s debt, which sits at £656 million.
Those close to his bid are saying that no new debt will be loaded onto the club but it remains to be seen if Ratcliffe would pay off the debt over time.
Sheikh Jassim to make world-record bid for Manchester United
15:06 , Michael Jones
Qatar’s Sheikh Jassim Bin Hamad Al Thani will make a world-record bid for Manchester United. The current record is £3.75bn for a sports team.
The Walton-Penner Family Ownership Group stumped up the cash for the Denver Broncos last summer.
Sky Sports say that the figure will be somewhere between £4-6 billion but do not know whether that will be enough to convince the Glazer family to sell the club.
🚨 BREAKING 🚨
Qatar’s Sheikh Jassim WILL 100% make a world record bid for Manchester United this evening.💰 pic.twitter.com/g8BvjqeXZ4— Football Daily (@footballdaily) March 22, 2023
Qataris circling £5.5bn bid for Manchester United
14:59 , Michael Jones
Sheikh Jassim bin Hamad Al-Thani will reportedly offer £5.5bn to buy United in an effort to knock Sir Jim Ratcliffe out of the race.
The Mirror claims that while Ratcliffe is understood to have increased his bid for United, he is not thought to have gone as high as £5.5bn, which could see the Qataris secure the sale.
Both bidders are expected to break the current world record for a sports team which stands at £3.75bn paid for the Denver Broncos last year.
Manchester United takeover: Sir Jim Ratcliffe to submit improved bid
14:51 , Michael Jones
Sir Jim Ratcliffe’s INEOS group will submit an improved bid for Manchester United by tonight’s deadline, The Independent understands.
Bidders for Manchester United has until 9pm yesterday to submit their second offers for the club, in what was a crucial stage of the takeover process.
The Independent has reported that Qatari banker Sheikh Jassim Bin Hamad Al Thani is also prepared to up his bid for the Old Trafford club.
Both parties - which are the only groups to publicly declare their interest - visited Manchester United for meetings last week and asked for extensions to yesterday’s deadline.
Bids will be handled by the Raine group, but it is understood the Glazer family are split over whether they want to sell the club or retain minority ownership.
New bidder enters race to buy Manchester United
14:44 , Michael Jones
Finnish businessman Thomas Zilliacus has entered the race to buy Manchester United. He has previous experience of owning a football club in Finland, though that was in the 1980s.
The deadline for second bids passed yesterday, though it is believed that deadline has been extended according to the wishes of both Sir Jim Ratcliffe and Qatar’s Sheikh Jassim Bin Hamad Al Thani who are the frontrunners in the race.
Zilliacus’ net worth is not publicly known, though he is not thought to be worth as much as British billionaire Ratcliffe or have the available money that Qatari banker Al Thani does.
Here is his statement in full: ”Any sport club ultimately should belong to its fans. The current development, where billionaire sheiks and oligarks take over clubs and control them as their personal playgrounds is not a healthy trend.
“The current market value of the club is just under 3.9 billion USD. That means that if every one of the fans of the club would join in buying the club, the total sum per fan would amount to less than 6 dollars. My bid is built on equality with the fans.
“My group will finance half of the sum needed to take over the club, and will ask the fans, through a new company that is being set up for this specific purpose, to participate for the other half. If every fan joins it means less than 3 dollars per fan.
“Each fan who joins will have access to an app which the fan, from anywhere in the world, can use to participate and cast his vote when deciding on footballing matters relating to the club. No decisions will be taken that are not supported by a majority of the fan base.
“Manchester United should not only be the best football club in the world, it should also be the leading club in the world in working to stop abuse, racism and hate speech in social media and on sports grounds.
“Should we be successful in our bid we will ensure that Manchester United, the best football club in the world, will operate on a foundation of respect, equality, dignity, diversity, racial harmony and democracy, and with its global fan base included and involved in all decisions.”
Manchester United takeover
14:39 , Michael Jones
As reported by The Independent this week, Qatar has increased their offer for Manchester United
A consideration that weighed over the entire process is whether the Gulf state would ultimately put up a bid that “blows everyone out of the water”.
There was some surprise that hasn’t been the strategy from the start, given that it would have been very easy for Qatar to go to the Glazers and say they would pay the necessary amount before it all got under way. Some industry figures believe that is down to not playing their hand so early.
Others, somewhat connected to that, believe it is part of a new strategy from the state to illustrate these are proper business investments.
“They will try to pay the right price,” one source said, “but they are adamant they won’t overpay.”
Manchester United takeover: What next?
14:31 , Michael Jones
Bids will be handled by the Raine group, but it is understood the Glazer family are split over whether they want to sell the club or retain minority ownership.
While the Qatar and INEOS bids should be on the table after today’s extended deadline, a third option would be raising funds through minority investors for renewed investment into the club.
The Glazers would want a record £6bn for the club if they decide to sell - a fee The Independent understands the Qatar group are prepared to match.
INEOS have the funds to compete with the Qatar bid but it has been reported Ratcliffe has held concerns over the price rising too high.
INEOS eyeing Liverpool target if they succeed in buying Man Utd
14:23 , Luke Baker
Liverpool plan talks with Paul Mitchell
But he has also been earmarked for a United role if INEOS buy the clubhttps://t.co/mhZORNJ4vS— Miguel Delaney (@MiguelDelaney) March 23, 2023
Manchester United takeover
14:16 , Michael Jones
According to reports from last night, there were up to eight bids submitted by Wednesday’s initial 9pm deadline but not, apparently, the Qatari or INEOS offers.
No one saw last night’s dramatic developments coming, though, and there are set to be plenty more today and in the coming days.
NEW: Elliott Management enter the fray to buy Manchester United
14:15 , Michael Jones
Elliott Management have made an offer to buy a minority stake of Manchester United, potentially changing the landscape of the sale. The Independent has been told the bid, which was submitted before Wednesday night’s 9pm deadline, is a small stake of the club. Figures involved with the process have long maintained that the Glazers staying on with such a deal is an option that cannot be ruled out.
The Independent had been told three weeks ago that Elliott was planning a bid for a minority stake, only for the group to say that was “categorically untrue”. While it is maintained that the offer was only decided upon after a tour of United last Thursday, numerous sources insist it has been considered for some time.
The controversial investment group previously owned AC Milan and the move into English football is understood to represent a developing policy on the UK arm of the business.
The United sale process descended into farce on Wednesday when the INEOS and Qatar groups made clear they were submitting bids - with sources even insisting that was already the case - only for both to ask for extensions. The second deadline was nevertheless always seen as “soft”, and there was never any realistic possibility of either major bidder being discounted. Numerous sources meanwhile maintain there has been some frustration with how the process has played out in public.
Qatar takeover of Man United would be new low for English football
14:03 , Luke Baker
A Qatari state takeover of Manchester United would be nothing short of an English football travesty, writes Miguel Delaney.
This is a moment of enormity for the sport. The concern is two-fold, both having a multiplying effect on the other to pose a potentially irreversible impact on the game. At its moral core, there is English football’s biggest club being made to represent the biggest problem in football right now. United would be politically used to mitigate one of the most criticised human rights records on earth, centred on a labour system described as modern slavery, consequently making this noble institution complicit.
United would no longer just be about Salford, Manchester and a community of fans thrilled by a glorious history of adventure and defiance. It would be about Qatar, its foreign policy and the kind of issues that just shouldn’t be a concern for football. “Sportswashing” is too soft a description for what is actually happening here, especially when you consider the other issue.
The purchase of United by a state bid would mean the three primary countries driving the Gulf blockade all finally own major clubs in England, including the biggest of all. What would it say for what the Premier League is? The most watched league in the world would become the most morally compromised, by far greater degrees. The competition would be turned into a political arena. Manchester would be turned into a political arena. Nobody should be under any illusions about that.
Read Miguel’s full piece on the implications of a Qatari takeover of Man Utd:
Qatar takeover of Man United would be new low for English football
Manchester United takeover: Deadline for bids extended
13:45 , Luke Baker
There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.
Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.
Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.
Man Utd takeover news: Jim Ratcliffe and Sheikh Jassim granted extension
Deadline confusion has caused ‘friction’, say reports
13:25 , Luke Baker
The Telegraph reports that the confusion around the 9pm deadline last night - that saw takeover frontrunners Sir Jim Ratcliffe and Sheikh Jassim both fail to lodge an official bid in time, thus requesting an extension - caused some “friction” between the parties.
Sir Jim and Sheikh Jassim’s groups are both adamant they will submit a bid by today’s extended deadline, however.
Bids for minority stakes in the club have already been tabled. Not much is known about those, with Elliott Management one of the groups understood to be interested in investing in United, rather than buying them.
Greed has brought football to the brink of implosion – now the entire structure could collapse
13:08 , Luke Baker
Back in the early 1990s, a group of European football figures travelled to the United States for advice on how to grow the game, only to be given a warning by one of the American sports officials.
“If you think you’ve got problems now, wait until you start making money.”
It was counsel that has come to archly describe football in 2023.
The game’s giddy embrace of late-stage capitalism has made it an immense financial and cultural force, to the point the major American sports are now said to be “petrified” of its growing US influence ahead of the 2026 World Cup. The build-up to that, and the sport’s final and full global takeover, might nevertheless bring a breaking point in football history. That is because – as with so much in late-stage capitalism – the opulent top end is better off than ever before but the wider health of the rest has never been worse. The game has grown to a size where it is this gleaming cultural monolith but one filled with several structural faultlines.
Some of these have been revealed and widened by major stories of the last few weeks, only signalling how close we may be to something very significant.
Read Miguel Delaney’s full piece on the current state of football:
Manchester United could spark football’s ‘Big Short’ moment
Sheikh Jassim ‘very confident’ about Manchester United takeover
12:50 , Luke Baker
Sheikh Jassim bin Hamad Al Thani is said to be “very confident” second bid to buy Manchester United can win over the Glazer family.
With the sale expected to hit around £5bn only the Qataris are able to do a deal without Wall Street lending or investment meaning they are on a very strong footing.
Goldman Sachs and JPMorgan Chase and Co are understood to be helping bankroll Sir Jim Ratcliffe’s offer with a mix of bonds and loans beyond the value of United’s existing gross debt of £680m.
Ratcliffe’s track record of successful investments makes him a safer bet than many for loans but the outside market conditions may affect his bid.
Credit Suisse were rescued by arch-rival UBS over the weekend and the associated write off of $17bn of loans means investment banks in the US are wary further losses.
More recently Barclays has shelved two loans for Ratcliffe’s Ineos Enterprises, according to Bloomberg, but The Telegraph report sources close to Ratcliffe were dismissive that the market conditions could harm his bid.
The same report says that Sheikh Jassim, the chairman of Qatar Islamic Bank, is very confident that his debt-free bid is the best offer on the table and will be the most beneficial for the club.
The most expensive Premier League takeovers in history
12:30 , Luke Baker
2022: Todd Boehly for Chelsea, £4.25bn
The most expensive takeover in Premier League history to date happened last year in the wake of Russia’s invasion of Ukraine. Sanctions placed on Roman Abramovich, an oligarch with ties to Vladimir Putin’s government, forced the Russian to sell the London club he had owned since 2003. Chelsea drew interest from a number of consortiums and wealthy individuals, pushing the potential sale price up to in excess of £4 billion, with a consortium fronted by American investor Todd Boehly sealing the takeover in May 2022.
A part owner of the Los Angeles Dodgers and Los Angeles Sparks, Boehly’s ownership of the club has so far seen a major outlay in the transfer market, with the businessman’s erratic transfer strategy and heavy involvement in the football side of the club criticised by some. Reported clashes between Thomas Tuchel and Boehly brought an end to the German manager’s tenure at Stamford Bridge last September, with Graham Potter appointed as Tuchel’s replacement.
The most expensive Premier League takeovers in history
12:15 , Luke Baker
2005: Glazer family for Manchester United, £790m
The Glazer family first to took a minor stake in Manchester United in 2003, slowly buying out other shareholders over the next two years to complete a full takeover in 2005. Patriarch Malcolm Glazer, who also led the purchase of NFL franchise the Tampa Bay Buccaneers, died in 2014, leaving control of the club in the hands of his six children.
Sons Joel and Avram have been most heavily involved and suffered significant criticism, with Old Trafford in need of refurbishment and Manchester United’s on-field fortunes suffering a down-turn after the retirement of Sir Alex Ferguson. The Glazers now appear on the brink of a sale.
The most expensive Premier League takeovers in history
12:00 , Luke Baker
2008 onwards: Stan Kroenke for Arsenal, £731m
American billionaire Stan Kroenke has been involved with Arsenal since 2008, spending a total of in excess of £700 million to take and maintain majority control of the club. The septuagenarian is also a team owner in the NFL, NBA, NHL and MLS.
In 2018, his buyout of former club shareholder Alisher Usmanov valued Arsenal’s shareholdings at £1.8 billion. After an extended period without mounting a serious title challenge, the London club are currently top of the Premier League under manager Mikel Arteta.
The most expensive Premier League takeovers in history
11:45 , Luke Baker
2021: PIF for Newcastle, £300m
A consortium led by the Saudi Public Investment Fund completed their takeover of Newcastle in October 2021. The deal was delayed after initial resistance from the Premier League amid significant criticism from human rights groups and reports of influence on the league from Qatar-based television partner beIN Sports, but was eventually concluded after a protracted 18-month process.
Increased investment has allowed Eddie Howe’s side to establish themselves as top-four challengers this season.
The most expensive Premier League takeovers in history
11:30 , Luke Baker
2010: Fenway Sports Group for Liverpool, £300m
Already the owners of Major League Baseball’s Boston Red Sox, Fenway Sports Group (FSG) completed their purchase of Liverpool in October 2010. Led by billionaire John W Henry, the sports investment conglomerate was founded in 2001 and their investment helped Jurgen Klopp assemble the first Premier League title-winning Liverpool side.
But FSG have proved increasingly unpopular among Liverpool supporters, with Henry apologising to fans for the club’s proposed involvement in the failed European Super League project, and FSG confirmed late last year that they would be willing to consider new shareholders amid reports the club was up for sale.
The most expensive Premier League takeovers in history
11:15 , Luke Baker
With Manchester United set to be bought for a potential world-record price for a sports team, we look at the previous most expensive Premier League takeovers in history, starting with their noisy neighbours.
2008: Sheikh Mansour for Manchester City, £210 million
It was the deal that precipitated the establishment of Manchester City as one of the Premier League’s biggest clubs, leading to an era of record transfer deals and significant, sustained success. Sheikh Mansour, the Deputy Prime Minister of the United Arab Emirates, completed his controversial takeover in September 2008 through the Abu Dhabi United Group, an investment arm of the Abu Dhabi royal family.
Six Premier League titles have followed, with Manchester City’s owners also investing in a number of other clubs around the world to create a global network. But alleged breaches of the Premier League’s financial rules have led to the club being charged by the English top division.
Manchester United takeover: Deadline for bids extended
11:00 , Luke Baker
There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.
Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.
Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.
Leading Manchester United bidders ask for deadline extension
What is the difference between Sheikh Jassim and Sir Jim Ratcliffe’s bids?
10:40 , Luke Baker
Although neither Sheikh Jassim nor Sir Jim Ratcliffe is thought to have surpassed £5bn with their initial bids, both are expected to get closer to the mark second time around - after they were granted an extension to the initial deadline of 9pm yesterday.
However, the two bids were for different stakes of ownership and brought different options to the table for Manchester United as a football club.
Sheikh Jassim wants to complete a full takeover of United, meaning he would buy the Glazer family’s 69 per cent and then purchase the remaining 31 per cent, which is made up of smaller investors. This could take some time as he would have to contact and negotiate with each investor to buy out their shares.
The Qatari banker has also made several pledges to invest in specific areas of the club - such as renovating the stadium - leaving United in debt following the cash purchase.
Ratcliffe’s bid is only for the Glazers’ 69 per cent and a majority shareholder stake. At this stage he is not offering to buy out the remaining shareholders.
He would have to borrow money to finance any takeover and his company INEOS has not committed to paying off the club’s debt, which sits at £656 million.
Those close to his bid are saying that no new debt will be loaded onto the club but it remains to be seen if Ratcliffe would pay off the debt over time.
Paul Scholes hopes fan unrest ends if Manchester United get new owners
10:20 , Luke Baker
Paul Scholes hopes the potential sale of Manchester United will bring to an end years of fan unrest.
The Glazer family are considering selling the Old Trafford giants after 18 years of controversial ownership.
The Americans have invited interested parties to submit plans to take the club forward, which could either mean a full takeover or significant investment.
So far two bidders, Ineos owner Sir Jim Ratcliffe and Qatari businessman Sheikh Jassim, have gone public with plans to take outright control of the club but there could be other interest.
Former United midfielder Scholes has no preference over who might take charge but just hopes it does happen for the sake of harmony.
Paul Scholes hopes fan unrest ends if Manchester United get new owners
Manchester United not worth Glazers’ valuation says finance expert
10:00 , Luke Baker
Football finance expert Kieran Maguire says the suggestion that the Glazer family would receive more than £5bn for the Red Devils is way off the mark.
In a similar comparison, Todd Boehly’s consortium bought Chelsea for £4bn and with Manchester United being a more historically rich and successful side, not to mention more commerically viable, then the Glazers’ valuation doesn’t seem too over the top.
“Manchester United is a much bigger football club than Chelsea,” Maguire told CNN. “It’s got a bigger ground. It’s got a bigger fan base. It’s a much more well-known brand.
“It’s a bit like putting up your house for sale and you give a rough guide price. The Glazers are looking for $7.2 to $9.6 billion. It’s probably not worth that … and it comes down to how much each party is willing to compromise or to pay in terms of extra financial commitments.”
Qatar takeover of Man United would be new nadir for English football
09:40 , Luke Baker
A Qatari state takeover of Manchester United would be nothing short of an English football travesty, writes Miguel Delaney.
This is a moment of enormity for the sport. The concern is two-fold, both having a multiplying effect on the other to pose a potentially irreversible impact on the game. At its moral core, there is English football’s biggest club being made to represent the biggest problem in football right now. United would be politically used to mitigate one of the most criticised human rights records on earth, centred on a labour system described as modern slavery, consequently making this noble institution complicit.
United would no longer just be about Salford, Manchester and a community of fans thrilled by a glorious history of adventure and defiance. It would be about Qatar, its foreign policy and the kind of issues that just shouldn’t be a concern for football. “Sportswashing” is too soft a description for what is actually happening here, especially when you consider the other issue.
The purchase of United by a state bid would mean the three primary countries driving the Gulf blockade all finally own major clubs in England, including the biggest of all. What would it say for what the Premier League is? The most watched league in the world would become the most morally compromised, by far greater degrees. The competition would be turned into a political arena. Manchester would be turned into a political arena. Nobody should be under any illusions about that.
Read Miguel’s full piece on the implications of a Qatari takeover of Man Utd:
Qatar takeover of Man United would be new nadir for English football
Who else is in the running?
09:25 , Luke Baker
Sheikh Jassim of Qatar and Sir Jim Ratcliffe are the faces of the two most public bids for Manchester United but up to eight interested parties toured Old Trafford and the Carrington training ground last week.
Elliott Investment Management, a US hedge fund, are known to have contacted Raine, the bank handling the sale for the Glazer family. They’re offer is to help finance any takeover and have indicated it would give assistance to the Glazers should a sale fail to materialise.
In that outcome Joel and Avram Glazer could potentially buy out their other siblings, as has been one rumoured option, though that borrowing would likely be leveraged against the club as opposed to the two individuals and would not go down well at all with Manchester United fans.
Other investment groups — including Ares Management, which refused to comment on its involvement — are thought to have also offered their capital to potential bidders and the Glazer family.
Manchester United takeover: What next?
09:11 , Luke Baker
Bids will be handled by the Raine group, but it is understood the Glazer family are split over whether they want to sell the club or retain minority ownership.
While the Qatar and INEOS bids should be on the table after today’s extended deadline, a third option would be raising funds through minority investors for renewed investment into the club.
The Glazers would want a record £6bn for the club if they decide to sell - a fee The Independent understands the Qatar group are prepared to match.
INEOS have the funds to compete with the Qatar bid but it has been reported Ratcliffe has held concerns over the price rising too high.
Manchester United takeover
08:39 , Luke Baker
According to reports from last night, there were up to eight bids submitted by Wednesday’s initial 9pm deadline but not, apparently, the Qatari or INEOS offers.
No one saw last night’s dramatic developments coming, though, and there are set to be plenty more today and in the coming days.
Manchester United takeover: Deadline for bids extended
08:32 , Luke Baker
There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.
Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.
Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.
Leading Manchester United bidders granted deadline extension
