Sheikh Jassim bin Hamad Al Thani, a Qatari banker, and Jim Ratcliffe, a British billionaire, submitted their third and last bids to acquire Manchester United on Friday.
Sheikh Jassim and Ratcliffe are competing with each other to purchase the Premier League club from the Glazer family.
Sheikh Jassim has made an offer over £5 billion, while the size of Ratcliffe’s improved bid is unknown as the deadline for the third round of bidding has passed.
Sheikh Jassim is reportedly offering to buy full ownership of the club with a promise of providing substantial financial support for transfers and infrastructure. This may involve renovating Old Trafford or building a new stadium, as well as improving the club’s training facilities.
Sheikh Jassim is also offering to eliminate United’s debt of $620 million.
The founder of INEOS chemical company, Ratcliffe, who supports United since childhood, wants to buy a controlling stake of more than 50% in Manchester United after failing to purchase Chelsea last year.
United’s executive co-chairmen Joel and Avram Glazer can keep their 20% stake in the company, but this has worried fans who are tired of their controversial ownership.
The Glazers are demanding a record-breaking £6 billion for the sale of Manchester United, and this may prevent them from accepting offers from potential buyers such as Sheikh Jassim and Ratcliffe.
The Glazers, who became unpopular with supporters after taking over the club with a leveraged takeover in 2005 and saddling it with debt, seemed to be planning to sell their shares at a huge profit when they first allowed external investment in November.
Elliot Investment Management and The Carlyle Group are private equity firms that are interested in purchasing a minority stake in the club, which would allow the Glazers to keep control while also providing funds for club infrastructure improvements.
According to reports, Avram and Joel Glazer want to keep their ownership in United, while their siblings and co-directors are willing to sell their shares.
During the previous round of bidding, which was overseen by the Raine Group, a New York merchant bank working on behalf of the Glazers, it was believed that the offers received were worth up to a maximum of £5 billion.
A consortium led by Todd Boehly and Clearlake Capital paid a record-breaking £2.5 billion for Chelsea in the Premier League last year. However, a potential bid for Newcastle United could surpass this amount and include an additional £1.75 billion investment in infrastructure and players.
The Manchester United Supporters’ Trust (MUST) is urgently requesting that the process for new owners be completed quickly so that they can be in place for the upcoming summer transfer window.