The Glazer family, which owns English football club Manchester United, wants to raise two official bids for the Red Devils, according to the Financial Times. The British newspaper, citing unnamed sources, said that two offers to acquire Manchester United to the Glazer family were not enough to sell the club.
Manchester United football club has been on the radar of Sheikh Jasim bin Hamad Al Thani for the past 12 months, the Financial Times reported, citing an anonymous source. The Financial Times reported that those looking to buy the club were asked to stick to an unofficial deadline for submitting their bids last week and could be given access to additional financial information as early as next week. Three people familiar with the situation said bidders agreed to non-disclosure agreements.
The British newspaper reported that the offer of Sheikh Jasim bin Hamad, the second son of the former prime minister of Qatar, amounted to $4.5 billion. The cost of Ratcliffe’s proposal was not disclosed. According to the newspaper, an increase in Sheikh Jassim’s current supply could lead to a world record for the sale of a sports club in the world.
Manchester United is listed on the New York Stock Exchange with a market value of approximately $3.8 billion and the club’s debt is approximately $700 million. The share price has fallen about 13 percent this week and closed Friday at $22.89.
It previously jumped from $13 late last year to $27 earlier this month. The Financial Times reported that the Glazers are in no rush to sell the club and are not under any pressure to move forward, and that their decision is likely to be made in the summer, before the transfer window that allows clubs to buy players. According to the publication, the American family has other options: to sell minority stakes in the English club to new investors, while maintaining control over the club.
