Qatari banker, Sheikh Jassim Bin Hamad Al Thani, has submitted a fifth improved bid to buy Premier League club, Manchester United, this week.
The club announced in November that the board was exploring strategic alternatives to enhance the club’s growth, with a full sale one option being considered.
Sir Jim Ratcliffe and Sheikh Jassim both publicly confirmed initial offers in February and the latter is understood to have this week made a fifth bid to acquire United.
The offer remains for 100 per cent of the club and those involved in Sheikh Jassim’s bid have indicated this will be the final bid.
According to Sky Sports, Sheikh Jassim’s bid team will not engage with the process after Friday but this latest offer follows what was called a “final offer” in late April.
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Then in May, a fourth offer – believed to be close to £5 billion but shy of the Glazer family’s £6 billion valuation – was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club.
The third and final round of bidding concluded on April 28 but, with reports last month claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has now moved again.
Sheikh Jassim believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly £1 billion worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club’s Carrington training ground.
INEOS values United at a higher price than Sheik Jassim’s bid but it is not for the whole club and would give the Glazers the opportunity to keep a 20 per cent stake.
United’s share price closed down to $18.80 on the NYSE in May, giving the club a market cap of $3.09 billion (£2.47 billion).
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