Man Utd takeover: The Glazers to stand firm on Red Devils valuation
American investment bank Raine Group, who handled the sale of Chelsea last summer, were appointed to oversee bids after the Glazers confirmed in November last year that they would consider outside investment or a full sale of United.
A ‘soft deadline’ was set for February 17, at which point interested parties had to lay out the details of their offer and provide proof of funds, but only two bidders have publicly confirmed their interest – INEOS owner chairman and CEO Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani, who is heading up an offer from Qatar.
Other potential bidders have lodged an interest in buying United, but Raine Group are keen to keep their names after wraps – all parties have also signed a non-disclosure agreement.
It is not believed that any offer has met the Glazers’ asking price as it stands, which sources claim is around £6m. The fact that United’s share price is fluctuating – changing the overall value of the club – has not helped the valuations that some are placing on United.
The Glazers were represented by co-chairman Avram Glazer at the Carabao Cup final – a 2-0 win over Newcastle United that earned a first trophy win in six years – and boss Erik ten Hag included him in post-match celebrations.
“He was really happy, really happy for the club, as an owner. So I was really wanted (him) to be part of it. He was in the dressing room, very good he was there to show his intentions,”The Dutchman said.
Raine Group are going through each bidder but it is believed not all parties have yet heard how their interest has been received.
Other bidders have also lodged interest of possible investment, something which the Glazers are open to, and that includes Genevra Associates, who have confirmed their interest in working with the current ownership.
Irfan Khan, Partner and Digital Economist at Genevra, said:
“The Covid-19 pandemic has had a devastating impact on all sports teams worldwide – with United no exception. However, we still believe it is a solid investment with fantastic upside potential and many millions of passionate fans globally.”