You missed a bombshell from Reuters actually.
Qatar after the initial and tentative informal negotiations and months of formal negotiations after the 1st, 2nd, 3rd, 4th, and 5th round of bids with the Glazers, they have made a huge breakthrough. They're now negotiating to enter into an exclusive period of negotiations which would grant them exclusivity (maybe), where presumably they will open negotiations to buy the club.
Exciting stuff.
in my mind just trying to make sense of the clutter.
1. Reuters have been leaked to via Raine (?), a story that the exclusivity agreement is being prepared.
2. The Times are stating that SJR has not been informed
3. Mike Keegan hasn't as yet confirmed anything for SJ
Given the above, and the fact that the Glazers are relentless in trying to keep the bidding war firing, you would think that SJR has been told directly by the Raine Group that the other bidder is looking better (but has not yet been told that he is out, SJR has may thinking this is the boy who called wolf strategy, given the process must be mentally grinding with continuous hints to improve bids) and has not responded. Perhaps by leaking the information the Glazers are trying to add the accelerant of being serious, in the hope that SJR will again bite.
No doubt if the exclusivity agreement is being prepared, then SJ's instructions to his legals is to get them finalised as soon as possible before these sellers change their minds.
I don't know how long it will take for these agreements to be drawn up, but this has been going on for months and the lawyers will know what is required, SJ must have instructed them to work day and night to tie down the other side?
However reading between the lines, from what other posters have said, once the agreement has been drawn up then the seller normally moves forward with the selected buyer, the agreement refers to the mechanics of transfer of assets payment, consents from regulators etc.
Question is how long will the Glazers wait before making the declaration.
The fact they haven't as yet suggests they won't until the document is essentially signed, maybe they don't want to declare anything just in case there is still leverage required in agreeing the final terms?