The bids submitted by Qatari banker Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe’s INEOS Group to buy Manchester United fall short of the Glazer family’s demands, according to the Telegraph.
The bidders are now waiting for more information from the Raine Group, the bank in charge of finding investors for the club. They expect more clarity on the situation this week.
The two parties are the only ones that have come out publicly to announce their offers for the club.
The Raine Group could grant the bidders access to more detailed financial information on the club this week.
According to the reports, Sheikh Jassim and Ratcliffe will likely have to increase their bids to buy Man United.
Neither party disclosed the sum they bid for the club, but neither met the £5 billion valuation.
Bidders agreed to a non-disclosure agreement, so there aren’t many details about the figures.
However, the Glazer family never said they were looking for a complete sale and could take outside investment as Liverpool did two years ago.
Fenway Sports Group (FSG) sold some of its stake in Liverpool to private investment firm RedBird Capital Partners for around £533 million.
But there are still differing opinions within the Glazer family about whether to sell United. Avram and Joel Glazer wanted to buy out their siblings so they could make the decision, but nothing materialised.
The hugely unpopular family could retain control and take a minority investment.
United States hedge funds Elliott Management and financiers Oaktree Capital and MSD Partners have submitted proposals to Raine. They want to provide funding for potential suitors.
Man Utd’s enterprise value is £3.75bn, less than the Glazers are demanding.
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