Sheikh Jassim bin Hamad Al-Thani will submit another bid to buy Manchester United on Friday and remains confident it will be successful despite concerns current owners, the Glazer Family, are determined to stay, sources have told ESPN.
Raine Group, the merchant bank handling the process for the Glazers, are expecting a third round of offers by 10 p.m. BST on Friday (5 p.m. ET) on Friday before naming a preferred bidder to enter into a period of exclusivity.
Qatar-backed Sheikh Jassim and INEOS, fronted by British billionaire Sir Jim Ratcliffe, will submit new bids while proposals will also be put forward by groups seeking to buy a minority stake including Elliott Management, Ares Management Corporation, Sixth Street and Carlyle.
Sources have told ESPN that INEOS have discussed an offer which would include Joel and Avram Glazer, the two siblings most involved at Old Trafford, to retain a stake in the club — a move that has already prompted significant backlash from fans.
Sheikh Jassim is only interested in purchasing 100% of the shares and completing a full takeover and there is belief within his consortium that the offer will be lucrative enough to tempt the Glazers to sell.
The key stumbling block up until now has been the Glazers’ valuation of around £6 billion, despite financial experts valuing the club at closer to £3bn.
The Glazers announced in November they would look at “strategic alternatives” including a full sale or investment. Sources have told ESPN that club staff were told to expect “clarity” on the ownership situation by the end of the season, just over a month away.
There are fears among supporters that the Glazers, who led a leveraged buyout of United in 2005, will accept minority investment and stay in control at Old Trafford.
Fans are planning to protest ahead of Sunday’s Premier League clash against Aston Villa with organisers asking for an 18-minute boycott at the start of the game to mark each year the Glazers have owned United.
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