The Manchester United takeover process is now in its seventh month and it is still not clear who is likely to take charge at Old Trafford.
Sir Jim Ratcliffe and Sheikh Jassim bin Hamad al-Thani are the frontrunners having both tabled multiple bids since declaring their interest earlier this year.
Sheikh Jassim wants 100 per cent of the club and has pledged to wipe the debt and revamp facilities through his Nine Two Foundation. He set a self-imposed deadline of Friday although last Wednesday’s fifth bid still stands.
It’s been a long road for bidders since the Glazers announced the club was up for sale in November. Both Sheikh Jassim and Sir Jim first went public in February after submitting bids amid the first deadline.
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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.
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.
In March, a several bidders were invited for talks at Old Trafford with tours of the facilities, which Sir Jim Ratcliffe attended in person, before second bids were asked for. A third round of bidding was then called in April, infuriating United fans who demanded the process to be wrapped up.
Both Sir Jim and Sheikh Jassim have tabled several further revised bids since. One other bidder who initially went public was Finnish businessman Thomas Zilliacus.
He entered the process in March through investment company XXI Century Capital after a deadline for second bids was granted. He told the Manchester Evening News at the time that his bid was in the same ballpark as Sheikh Jassim and Sir Jim’s offers, which were then rumoured to be around £4.5bn.
Speaking to MEN Sport this week, Zilliacus said he believes that the Raine Group is overseeing the process from its New York office rather than its London location. He said: “It was the New York office [we contacted], we did not speak to the London office at all.
“I would think so [the process is happening in New York], with the Glazers being based in the US. I would assume they contacted Raine in the US to start with.
“That was the office I felt made sense to contact - and it was the right one [because] they did confirm ‘we are handling [his bid] and we will discuss internally and get back to you’.”
Zilliacus was referencing the confirmation he received from Raine after submitting his ’non-binding’ formal offer via a letter sent over email. After signing an NDA, the 69-year-old said Raine had written back to say they would be in touch about next steps. They never did.
“I didn’t feel that was very professional,” said Zilliacus, who refused to enter the third round of bidding as a result, calling it a “farce”. He reached out to Sheikh Jassim and Sir Jim proposing to combine bids but was met with the same radio silence.
Even after reaching out to Raine multiple times, there was no response and Zilliacus was not one of the parties who attended Old Trafford in March, nor saw club financial documents.
And then last week, Zilliacus and XXI Century Capital decided to officially withdraw from the takeover race after deeming the reported purchase figures of £5bn too great. The group has since been looking for investment opportunities at other clubs, both in England and on the continent.
Reports from Qatar on Tuesday mooted that Sheikh Jassim had won the takeover race before there was a public backtracking from the editor of the media outlet. The process is poised to elapse into the summer transfer market with the window opening on Wednesday.
When a decision will be made about how the takeover process concludes remains shrouded in mystery. It may be a case that the Glazers opt against a sale.
It’s been widely reported that Sir Jim is ahead, having proposed to keep Avram and Joel Glazer on as minority shareholders.
The club have not released anything official about the process since its November statement, and it will likely remain that way until a decision is announced.
A Manchester Evening News special souvenir edition - Fergie's First - charts United's 1992/93 title-winning campaign and you can get your hands on one here
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