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Third offers invited for United

The rival groups bidding to buy Manchester United have been invited to table a third offer by the end of this month.

Three weeks ago as many as seven groups submitted bids after being invited to Manchester to inspect the club’s Old Trafford stadium and nearby training ground, in addition to meetings with key personnel and access to accounts.

Qatari banker Sheikh Jassim bin Hamad al-Thani and Ineos, led by British billionaire Sir Jim Ratcliffe, remain favourites after submitting their bids for control, with the Qatari group making an offer in the region of £5 billion for 100 per cent ownership of the club.

US investment firm Elliott submitted a bid for a minority stake that might yet prove preferable to the Glazer family. The firm previously had a successful spell as the owners of AC Milan.

The Raine Group, the New York merchant bank overseeing the sale, is clearly seeking to push up the price further still for the Glazers, who value the club nearer to £6 billion.

The bidding groups have now been advised by Raine that they have until next week to complete any due diligence and must table a final bid before April 28, after which a preferred bidder will be granted a period of exclusivity.

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