The prospective sale of Manchester United reaches its first important juncture at 10pm (UK time) on Friday. That is the “soft” deadline for proposals to be submitted to Raine, the merchant bank handling the process on behalf of the Glazer family.
At this stage, all investors have to do is write down their
bid detailing the amount and provide proof of funds. It might just be
a two-paragraph email. It is expected that not all interested parties will
stake a claim for the full club, with some set to go for smaller percentages.
Others, however, may go for the whole pie. In Doha, much of
the talk in certain circles has been of a bid coming from Qatar for the club in
full. Other sources with knowledge detect a growing confidence from the
Qataris.
As it is the Glazers running this show, there would be
nothing to stop them from extending the deadline should the offers fail to meet
their aspirations. Raine was targeting a price of £6billion to £7billion
($7.2bn to $8.4bn), and there remains scepticism in the industry about that fee
being achieved.
In a poll of Athletic subscribers Sir Jim Ratcliffe, who is the only
person to publicly declare an interest in buying United, came out on top by a
considerable distance. Ratcliffe claimed 66.2 per cent of the vote, with Qatar second
on 16.9 per cent.
The prospect of the Glazers clinging on cannot be ruled out.
For instance, when Raine first made contact with people in Qatar to propose
investment or a takeover, some felt it was a fishing exercise.
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