23 August 2023 , 12:45
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The battle to be the next owner of Manchester United continues with a final decision still yet to be made.
As the club's takeover saga rumbles on and the fallout from the Mason Greenwood decision continues, United fans will stage a sit-in protest for an hour after Saturday’s game against Nottingham Forest. Led by supporters group The 1958, fans are being urged to remain in their seats at full time and call for the resignation of the club’s board and a change of ownership.
Despite reports of the Qatari banker Sheikh Jassim expecting to complete his purchase of the club by October a final decision is yet to be made by the deeply unpopular Glazer family, who have controlled the club since 2005. Last week Sheikh Jassim’s camp said they had yet to receive a response from Raine Group, the bank overseeing the potential sale, following his latest bid, which was worth more than £5bn.
Sources close to INEOS have said that Sir Jim Ratcliffe, the other party to have formally launched a bid to takeover the club, is yet to be informed that his offer, also worth more than £5bn, is being rejected. Neither party is commenting on the record.
And that means a process that has had more false dawns and deadlines to recall looks set to continue more than nine months on since the Glazers announced their intention to explore “strategic alternatives.”
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Sheikh Jassim has submitted at least five different bids since February, while the Ratcliffe group has also upped its offer at numerous stages. A number of other parties, including US hedge fund Elliott Management, had registered an interest over a minor stake in the club but it has long been considered a two-horse race.
The Glazers are yet to publicly respond to bids for Manchester United (Phil Duncan/ProSports/REX/Shutterstock)Yet there is a growing sense that the Glazers might decide to remain in place despite prolonged and increasingly loud calls from fans for them to depart.
Their valuation of the club is in excess of £6bn - more than triple the amount paid by Clearlake Capital and Todd Boehly for Chelsea last year - and could remain in situ until an offer of that size arrives.
To begin with Sheikh Jassim’s camp were insistent that they would not overpay for United, although their latest offer is significantly more than the £4.5bn tabled initially. That is for 100% control of the club, whereas Ineos’ deal would see the petrochemicals corporation gradually increase its stake and therefore allow the Glazers to remain in the short to medium term.
Ratcliffe, a United fan since early childhood who is already owner of Ligue 1 side Nice, has also previously said that the premium price placed on English clubs meant it was not a sensible investment.