06 April 2023 , 09:07
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The Glazers are expected to start negotiating a price with the leading contenders in the Manchester United takeover saga.
United's owners put the club up for sale in November, with Qatari banker Sheikh Jassim bin Hamad Al Thani, INEOS chief Sir Jim Ratcliffe and Finnish entrepreneur Thomas Zilliacus leading the race. Other parties are interested in buying a minority stake.
Sheikh Jassim and Ratcliffe have both submitted multiple offers for United, but neither of them have got close to the Glazers' £6billion valuation. As such, the Raine Group - who are administering the sale on the Glazers' behalf - will now start negotiating a price.
As reported by The Telegraph, these talks will start in the coming days. It is believed both Sheikh Jassim and Ratcliffe have offered more than £5bn for the Glazers' shares, which would eclipse the record £3.8bn sale of NFL team Denver Broncos last year.
The Glazers are determined to get £6bn for their 69 per cent stake in United, which is a controlling share. It's believed Ratcliffe wants to buy out the Glazers but not the rest of the shareholders, while Sheikh Jassim wants to purchase 100 per cent of the club.
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There are some fears the Glazers may perform a U-turn and stay at Old Trafford or sell just a minority stake. That may yet happen, but the Americans are still willing to sell up... if the price is right. Right now, it is simply too early to predict how this saga will unfold.
The Glazers are selling Manchester United... but only for the right price (Getty Images)How do you see Manchester United's takeover saga unfolding? Let us know in the comments below!
If there is a successful bidder, they will need to invest much more than the Glazers' asking price. More than £1bn will need to be spent to redevelop or rebuild Old Trafford, while nearly £1bn of debt will be inherited from the current custodians.
The Six Glazer siblings are divided on the sale. Joel and Avram, who are the most involved in the club, are willing to stay on board - but Kevin, Edward, Bryan and Darcie are all happy to sell up. The Glazers are unpopular with United's fanbase for a variety of reasons.
United have not won the Premier League title since 2013 and recently went six years without winning silverware, while much of the club's infrastructure - such as Old Trafford - has been left to decay. That debt is also a sore spot with supporters.
Zilliacus has urged his fellow bidders to launch a joint bid for United. He told Mirror Football earlier this month, "We could agree on a price the Glazers will accept and instead of one of us paying a huge sum to buy United, we split the cost into three.
"We then use the money we have saved to improve the club and pool our collective expertise to help rebuild the club we all love.
"Someone said to me that you don’t buy a Ferrari and then share it with two other people. But this isn’t an ego trip for me. I don’t think you can ever own an institution like Manchester United - the club belongs to the fans. I would regard myself as a custodian of the club with a responsibility to build and protect it until it is time for me to leave."