Some four months have passed since the Glazer family announced they would listen to offers for Manchester United, and we are about to enter the next stage of the bidding process.
Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani have emerged as the leading contenders to take over ownership of the Premier League club, having both gone public with their interest. Neither has got a deal over the line, though, with the deadline for second offers set for this Wednesday.
While the British billionaire and the Qatari banker are two of the more prominent bidders, others could yet come to the table - either with an outright bid or a pledge to offer financing for a deal. Here, Mirror Football lays out the state of play as we move into what looks like being a key 24-hour period.
According to Sky News, as many as eight bids could be made before Wednesday's deadline. These include fresh efforts from Sheikh Jassim and Sir Jim, both of whom visited United's Old Trafford ground in preparation (though the former sent a delegation rather than appearing himself).
They were not the only visitors, with other parties also preparing their next move. The Glazer family are thought to be holding out for around £6bn for the sale, and this too could impact what happens next.
Ratcliffe's advantage
Ratcliffe appeared in person to meet United staff ahead of the next round of bidding. The Englishman, who also owns Ligue 1 club Nice, was pictured shaking hands with United chief Richard Arnold and also met with manager Erik ten Hag.
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According to those familiar with the situation, Ratcliffe could hold an advantage over Sheikh Jassim based on his experience within sport. His INEOS business has owned Nice since 2019, while the group has also been involved in elite sport away from football.
One obstacle for the Brit, however, could come in the form of the asking price. In an interview with the Wall Street Journal, Ratcliffe appeared to hint there was an upper limit to what he is willing to pay.
“How do you decide the price of a painting?" the 70-year-old asked. "How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint. What you don’t want to do is pay stupid prices for things because then you regret it subsequently.”
Sheikh's plan
If it boils down to money alone, Sheikh Jassim could hold the upper hand. His representatives are said to have hold productive talks lasting a number of hours when they travelled to Manchester, and fresh reports suggest he is willing to go higher than his rival.
The Qatari, who serves as chairman of Qatar Islamic Bank, is believed to be ready to go as high as £5.5bn in the next round of bidding. This dwarfs the £4.5m initial bids from both parties, and Ratcliffe is reportedly unprepared to go quite as high as the Sheikh.
Sheikh Jassim has spoken of a desire to carry out a 100 per cent takeover of United. Reports regarding Ratcliffe's bid, meanwhile, suggested he would look to take over the Glazers' 69 per cent stake.
Glazers' fears
Things remain complicated by the position of the Glazer family. Brothers Joel and Avram have the most prominent role among the six Glazer siblings, while Bryan, Darcie, Edward and Kevin all hold stakes.
According to talkSPORT, Joel and Avram remain undecided on whether to fully sell up. While their four siblings are reportedly open to a full sale, Joel and Avram could yet decide to sell a minority stake and retain a position at the club.
The Glazer family have owned Manchester United since 2005, when the late Malcolm - father of the six Glazer siblings - led a takeover. Malcolm Glazer died in May 2014 at the age of 85.
Avram Glazer made a rare appearance at a Manchester United match in February, travelling to Wembley for the Carabao Cup final. A number of protests against the family's ownership have been made in the past, and a section of the United support made their position clear at Wembley.
What the owners have said
"Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors is commencing a process to explore strategic alternatives for the club," the original November statement read. "The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company. This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders.
"Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers. As we seek to continue building on the Club’s history of success, the Board has authorised a thorough evaluation of strategic alternatives.
"We will evaluate all options to ensure that we best serve our fans and that Manchester United maximises the significant growth opportunities available to the Club today and in the future. Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
Throughout Wednesday, we may get closer to learning whether the bidders and the sellers are on the same page when it comes to the future of Manchester United. After 18 years of Glazer ownership, a change could well be on the horizon.
