Bidders fly in to start Manchester United takeover talks
Qatari group fronted by Sheikh Jassim bin Hamad Al Thani is thought to be the favourite ahead of Sir Jim Ratcliffe and Ineos
Talks between Manchester United and potential buyers will begin this week, with bidding groups expected to fly in to the north west from Thursday while representatives for the Qataris are due next week.
The Times understands United’s New York bankers, Raine, have invited at least four bidding groups into the second round after initial offers were tabled on February 17, with the Qatari group fronted by Sheikh Jassim bin Hamad Al Thani thought to be the favourite, ahead of Sir Jim Ratcliffe and Ineos.
The next round of talks will take place predominantly at Old Trafford, with the bidders given the opportunity to assess what is required to redevelop the stadium as well as the club’s training ground at an additional cost of as much as £2 billion.
However, the meetings that take place will not only give bidders the chance to start more detailed due diligence, but also enable Raine to allow the leading contenders to progress the third round, which will involve full access to data to make a final offer under a period of exclusivity.
The bidders are under strict instructions not to comment publicly on the process, but there are questions concerning the Glazers and their desire to sell. Of the six Glazer siblings, Avram and Joel are said to remain more emotionally attached to the club, with Avram seen celebrating last month’s Carabao Cup triumph at Wembley.
For that reason, it is not yet known if the process will conclude with a 100 per cent purchase by the Qataris, a purchase by Ratcliffe of the 69 per cent Glazer stake, or a minority investment, most likely from the United States.
