Man Utd bid deadline extended as Jim Ratcliffe and Sheikh Jassim prepare offers
It is an important day for the potential takeover of Manchester United with the fresh deadline for second offers looming. Interested parties were initially given until 9pm on Wednesday however it was extended after a considerable amount of confusion.
The Glazers initially stated they were considering selling up last November leading to intense speculation about how would be next to receive the keys to Old Trafford. The American family are believed to be holding out for around £6billion for their prized asset in what would be the biggest takeover in football history.
Sir Jim Ratcliffe's INEOS group and Qatari Sheikh Jassim bin Hamad Al Thani appear to be the frontrunners after making their intentions to buy the club publically clear. Both are to said have submitted bids before the new deadline. It had been said that both parties were ready to meet the asking price however recent reports have suggested they could fall short, potentially elongating the process.
As many as six other groups could be in the running to purchase a stake in the club with some like Elliott Management looking to buy a minority share, potentially allowing the Glazers to stick around.
Here Express Sport brings you all the latest details and developments in what looks set to be another big day at Old Trafford...
Man Utd takeover live: Qatar and Ratcliffe bids ‘fall short’ as Glazers given way to stay (Image: GETTY)
Finnish entrepreneur Thomas Zilliacus has shut down suggestions that his proposal to buy Manchester United is a publicity stunt.
Rival bidders reportedly played down the seriousness of his offer, which vowed to focus on fan power in decision-making.
But he has insisted his desire to buy United from the Glazer family is genuine.
He told the Mirror: "I don't know where they've gotten that from. If you're rivals in a bidding process, you're, of course, trying to discredit others as much as you can.
"But I'd hope they wouldn't do that because this is a serious, genuine attempt by someone who loves football and the club to get ownership."
Finnish entrepreneur Thomas Zilliacus has confirmed he has contacted Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani about joining forces to buy Manchester United.
Zilliacus has made a fan ownership-based proposal but has stressed that the three candidates should unite rather than enter a bidding war to fill the Glazers' pockets.
He told the Mirror: "I've reached out to Sir Jim Ratcliffe and Sheikh Jassim to say this is not about investing into a football club to make a lot of money because that just doesn't happen.
"It's the other way around, you put money in to make the club successful. So we're doing this for the love of football and Manchester United.
"Instead of giving all this extra money to the Glazers, let's join forces for the benefit of the club and put in an offer that reflects the truth of the club with a premium of control.
"You have to pay a premium for control. By doing that, we'll save two-thirds of what we'd pay by doing it alone, and that money can be used for the benefit of the club."
Sheikh Jassim bin Hamad Al Thani has reportedly met the Glazers' valuation with his second bid to buy Manchester United.
According to Sportico, the Qatari's latest offer is said to be worth around £6bn.
The report claims that Sir Jim Ratcliffe has been unable to match the fee, and it comes after Sheikh Jassim held two meetings with the Glazers last week.
The Glazers remain open to keeping control of the club but some siblings are said to be more set on that idea than others.
In that scenario some of the family could supposedly decide to part ways, potentially leaving the club with more debt if they are bought out.
That is according to Sky Sports, who point out that the Glazers do not act as a single entity. Each member of the family thinks on their own terms and there will naturally be disagreements over certain issues.
An ‘insider’ has apparently told the broadcaster that there could be a situation where there are ‘fewer Glazers and more debt’ at Old Trafford. At the moment, the six children of the late former owner Malcolm Glazer own United. The children are Avram, Joel, Kevin, Bryan, Darcie and Edward.
Thomas Zilliacus has said he would welcome a joint-bid proposal with any of the other parties interested in Manchester United.
The Finn is reluctant to pay extortionate fees as he looks to implement his unique plan of giving fans a direct stake and say in how the club is run.
"We are not going to go to crazy levels.," he told Sky Sports. "One thing which I may want to add is that, from what I have been reading, there are about five other bidders also interested in the club.
"We would be happy to talk with the other bidders and join forces with one or many of those, if they feel the same way as we do about involving the fans, about bringing these values to the forefront of what Manchester United is all about. If we think the same way, we have no problem at all."
Some Manchester United fans may have been left concerned when Wednesday's bid deadline was pushed back however this is often expected in big takeover deals according to a leading corporate law firm.
It is often a tactic that can be adopted to help drive up the price while it is also useful to ensure interested parties can focus on deliverability.
“It is not surprising that bid deadlines are not met, and these are regularly extended in the normal course of merger and acquisition processes," Alex Dixon, Private Equity Partner at law firm Travers Smith, tells Express Sport.
"The role of the investment banks is to optimise the value of the target and so waiting a short period for finalisation of key due diligence items and internal approvals is standard practice to maximise competitive tension for as long as possible with a view to driving up that price.
"The banks will also be focused on deliverability so parties will be communicating effectively to explain the reasoning behind any delays and to reassure the sellside that there are no significant substantive issues that could materially affect their ability to conclude a deal quickly."
Sir Jim Ratcliffe and Sheikh Jassim are both reportedly in agreement that Finnish entrepreneur Thomas Zilliacus' bid to buy the club is little more than a publicity stunt.
Zilliacus publically announced his bid yesterday stating he wants to buy half of the club with the other half bought by the United supporters - who would then become part of the club’s decision-making.
However, The Sun reports that Ratcliffe and Jassim are unconcerned, viewing his interest as a publicity stunt.
Sheikh Jassim bin Hamad Al Thani has the finances to meet the Glazers asking price but he will not pay over the odds for the club according to the Athletic.
The Qatari Sheikh is set to make another bid before the deadline but it is likely to come in at around £5bn, below the Glazers asking price.
It remains to be seen whether or not the two parties will be able to come to an agreement with the Glazers prepared to dig their heels in to get the price they want.
While much of the talk has surrounded the Glazers having their stake completely bought out, the American family are believed to be open to just selling off a minority share instead.
Doing so would allow them to keep control of the club while bringing in fresh investment.
Former owners of AC Milan, Elliott Investment Management have launched a bid for a minority stake according to the Independent and may be prepared to work alongside the Glazers long-term.
The development will be worrying for many United fans who are desperate to see completely new owners come in.
Man Utd takeover: The Glazers may yet remain in control at the club. (Image: GETTY)
Sir Jim Ratcliffe and Qatari Shiekh Jassim are the clear frontrunners in the takeover race but their new bids may not cut the mustard for the Glazers.
Both groups are set to stump up around £5billion for the club in the latest round of offers but that will still be well below the Glazers valuation of more than £6bn according to the Daily Mail.
Both bids would be a world record for a football club but perhaps not enough to convince the Glazers to sell.
Hello and welcome to Express Sport's live coverage of the takeover of Manchester United.
It is set to be another busy day so get yourself comfortable and settle down as we bring you all the latest developments.
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