Doesn’t quite work like that, whatever percentage of the club you intend to buy, the bidder still needs to value 100% of the club but you are right SJR values the club at £5bn or just over $6.2bn the Glazers would get 69% of that value for a full sale for their controlling shares, with the caveat that SJR would not have to settle the debt or buy the remaining 31% shares and take the club off the stock market.
SJR layered offer for 50.01% values it at rumoured to be the same value just over $3bn or £2.5bn to buy controlling shares again but leave Avram and Joel with the opportunity to keep their from 2-4 years with a guaranteed uplift in share index price where their combined equity currently valued in his takeover at £1.2bn could potentially be worth much more in year 3 and year 4.
The reality is SJ has only ever wanted full control of the club and take it off the NYSE so he’s now offered £5.6bn however £800m of that offer is for future investment, which means his last and supposedly final offer is £4.8bn as debt and future investment have no bearing on the buyout process which is less than SJR offer for 69% as SJR has offered £3.45bn to all 6 siblings and SJ £3.31bn so there is a difference of £124m, this is how I understand it from speaking to people who work in the stock market and financial advisors.
Qatar/SJ are in the embarrassing position of not being able to control the outcome of this process due to SJR offer to keep Avram and Joel and let them have 20%, he may use the additional money saved in buying them out to invest in stadia refurbishment, player transfers and paying off the club debt, if he comes out after wining this the fans will soon get inside.
Qatar are either walking away in one weeks time or they are going to offer a huge bid which may be £5.6bn or even £6bn. SJR will not increase his offer, he doesn’t need to.