My take is this:
1. SJR will make a bid and have secured financing.
2. The Raine Group have pitched the prospect of buying MUFC to the Qatari, who seem to be legitimately interested.
3. The wealthy US owners with interest in sport teams does not seem to be interested to buy the full team, but I would expect one at least to be involved in a consortium as a figure head that includes financiers like the 6th Street. The business plan is roughly the following:
(a) The consortium members agree to sell the club within a stipulated time frame (5/10/15 years).
(b) The idea is surely to come in, put the club back as one of the greatest in the world, build top of the art premises, so that the club could be sold as a premium asset in whatever time frame that is established.
(b) The main participants of the consortium are:
*A US pro team owner “figure-heads” the consortium and get influence over broadcasting rights, exposure as ‘the owner’.
*A US financier, like 6th Street, is involved who finance big parts of the consortium, against long-term interest in future broadcasting rights. And of course interest in funding the stadium. I mean, there would be many banks fighting to fund
*A strategic investor is involved who takes a larger stake, but that to a large extent intends to act as a feeder fund/intermediate investment for other funds/investments looking to get exposure against sporting teams.
4. There also seem to be legit interest from a couple of entities in China. Could absolutely be an established company like Tencent or more investment minded entities. Why? The same logic for all of the above, also apply to them. The one difference is that while Qatar is flying high of high prices for LNG, Chinese investors is still suffering from just ending strict Covid lock-downs.
5. There is still definitely room for a dark horse bidder. I any auction process, you cannot rule out anyone showing up next Friday or even after that. Taking everyone by surprise, is a tactic in auctions that has its pros (and cons).