British billionaire Sir Jim Ratcliffe has made an official bid to buy Manchester United from the Glazer family, according to The Athletic.
Sir Jim is a lifelong Manchester United fan and earlier this season, he said that he would be interested in purchasing the club if an opportunity arises.
Britain’s richest man has now made a formal offer for a takeover through his chemical company INEOS before the soft deadline on Friday, 10.00 pm BST.
He is not alone in the pursuit, however, with Qatari Islamic Bank (QIB) chairman Sheikh Jassim Bin Hamad Al Thani also confirming his bid for the club.
Sheikh Jassim has offered to take complete control of United with an offer in the region of £4.5 billion.
United’s sale decision could be made within weeks
The Glazers were initially aiming for a partial investment into the club, but the scenario has now changed with investors keen on buying United outright.
Sheikh Jassim has made a record bid for a sports team to buy United. On the other hand, Sir Jim’s offer is lesser but the focus is on a ‘fan-centric‘ approach.
Investment firm Raine group will advise the Glazers on the right proposal but ultimately, it could come to the highest offer on the table for them to walk away.
In our view, QIB have a clear advantage in the race. Obviously, there may be more undisclosed bids. Saudi Arabia could provide stiff competition.
A group of wealthy Saudi investors were deemed to be interested before the soft deadline and we could hear more about their proposal soon.
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