Man United bidders set to make latest takeover offers

United is expected to become the most expensive sports team in history, with the price estimated to reach up to 6 billion USD.

File Photo: United’s prospective new owners could also have to spend about 1 billion USD to redevelop the stadium. | Photo Credit: Getty Images/Catherine Ivill

After a series of high-level meetings last week, a second round of bids to buy Manchester United is due Wednesday.

Representatives of Sheikh Jassim bin Hamad Al Thani toured Old Trafford and the club’s training ground last Thursday, meeting with United executives. Jim Ratcliffe held talks with the Premier League club on Friday and was pictured being greeted by chief executive Richard Arnold.

American investment firm Elliott Management has also held meetings to provide capital for takeover bids or other finance options.

Indicative offers were submitted to American merchant bank Raine last month, with Sheikh Jassim and Ratcliffe confirming their intention to buy out the Glazer family, the current owners of United.

The next stage of the process included a closer look at United’s business and meetings with key executives before making renewed bids.

Sheikh Jassim is the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister. He is aiming to take 100% ownership of United and is intent on investing in the club’s stadium and training facilities. He sent real estate advisors as part of his delegation last week.

Ratcliffe is the billionaire owner of petrochemicals giant INEOS and is bidding for majority ownership after launching a failed attempt to buy Chelsea last year.

United is expected to become the most expensive sports team in history, with the price estimated to reach up to 6 billion USD.

Last year, Raine handled the sale of Chelsea to Todd Boehly and Clearlake Capital for about 3 billion USD. The Denver Broncos was sold to Walmart heir Rob Walton and his daughter and son-in-law for a record 4.65 billion USD last year.

United’s prospective new owners could also have to spend about 1 billion USD to redevelop the stadium.

Sheikh Jassim and Ratcliffe remain the only bidders to publicly declare their interest in the 20-time English league champion. There is still a possibility that the Glazers could opt against a full sale of the club as they explore “strategic alternatives.”

Second bids for United are due to be placed by 9 p.m. Wednesday.