Raine Group - a company authorized by Glazer in the sale of Manchester United has granted a license to extend the bidding of billionaire Sheikh Jassim (representative of the Qatari royal family) and INEOS Group owned by Sir Jim Ratcliffe. Both sides will have a few more days (the timeline is not yet clear) to deposit more money for one last time, before Glazer makes a final decision.
While these giants are preparing to launch the next blow, some other entities are also quick to jostle in the race such as Elliott Management. Although it does not have the large amount of money as the above competitors, the purpose of Elliott Management is not to completely control. They only aim to own a small part of the stock.
By last Wednesday evening (UK time), there were 8 proposals to buy Man United sent to Raine Group, but not all of them wanted to buy 100% ownership of this team. The Qatari royal believes they are still the number 1 candidate with the ability to use money to defeat all opponents.
The first round of bidding has just ended, the minimum number for an individual or institution to "touch" Man United is 4.5 billion pounds. This price is much lower than the 6 billion pounds as Glazer's ambition. Although it is not known when the Qatari royal and INEOS will finalize the price, Glazer's waiting time is expected to be not long, about 1 week is the longest.
In bidding sessions such as the M.U purchase, the first round's bidders will be provided with some exclusive rights by the ownership selling unit, thereby making it easier for them to take ownership.
Sir Kim Ratcliffe's INEOS side has been described by British media as having a good- villain approach to the sale, despite the richest person in the UK having previously said he would not buy Man Untied at "a foolish price". At first, the Qatari royal family also had the same opinion, but now, they have completely changed their mind and are willing to spend money to play along with INEOS.
Sheikh Jassim and his former teammates have been to Old Trafford as fans. The focus of the latest negotiations is on rebuilding infrastructure, developing young players and the United women's team.
No matter how much the final price is, it will definitely be more than 3.75 billion pounds. This is a record for the amount of money to buy back a sports team currently owned by Denver Broncos (a football team in the US).
