Here are your Manchester United evening headlines for Wednesday, June 14.
Inside Manchester United takeover bid as Sheikh Jassim and Sir Jim Ratcliffe await decision
It’s been a long road for bidders since the Glazers announced United was up for sale in November. Both Sheikh Jassim and Sir Jim first went public in February after submitting bids amid the first deadline.
Bidders were required to contact The Raine Group, the US bankers overseeing the takeover, having done the same for Todd Boehly’s purchase of Chelsea last year. Interested parties had to sign a Non-Disclosure Agreement (NDA) which prevents the release of any discussions about the process.
ALSO READ: Joel Glazer is continuing to break his promise to United fans
A number of bidders who opted against going public are thought to have entered in before the first deadline. Offers were considered before some were granted access to a ‘data room’ which outlined the finances of the club.
Premier League announces change to takeover rules amid Manchester United sale process
The Premier League has banned fully-leveraged buy-outs of its clubs.
The Premier League announced the changes in its regulation on Wednesday following its Annual General Meeting, with all members unanimously agreeing to the change.
The decision comes amid Manchester United’s takeover process. The Glazer Family financed the majority of their £790m purchase of United in 2005 through loans, some being secured against club assets.
The Owners’ and Directors’ Test was introduced by the Premier League a year earlier to ensure that buyers are ‘fit-and-proper’.
READ NEXT:
