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Has Ratcliffe moved ahead in United bid battle?

Sir Jim Ratcliffe and Ineos may have moved ahead in the battle to buy Manchester United after valuing the club higher than their main Qatari rivals.

Although Ratcliffe is seeking to buy only the 69 per cent stake that belongs to the Glazers — and in one proposal is open to Joel and Avram Glazer retaining a stake if he still has full control of the club — it is understood that the offer he submitted before Friday’s 10pm deadline for the third and final bids equates to more than that tabled by the group led by Sheikh Jassim bin Hamad al-Thani, and that Ineos is the only bidder to have valued the club higher than £5 billion.

On Friday evening, sources close to the Qataris said that Sheikh Jassim’s offer was marginally in excess of £5 billion, with a pledge to provide additional investment in the club’s infrastructure as well as playing staff. However, insiders with knowledge of the process have queried that value and suggested that the Qataris have not submitted an offer of additional funds on top of their bid.

At this stage three American investment firms — namely Elliott Management, The Carlyle Group and Ares Management — should not be discounted even if they are only offering to buy a minority stake that would enable the Glazers to refurbish Old Trafford and the club’s training ground.

It is anticipated that a preferred bidder will be granted a period of exclusivity in the next ten days.

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