{"id":31756,"date":"2023-03-23T11:20:25","date_gmt":"2023-03-23T11:20:25","guid":{"rendered":"https:\/\/fusefornews.com\/2023\/03\/23\/man-utd-takeover-sir-jim-ratcliffe-sheikh-jassim-to-submit-new-bids-as-deadline-extended-amid-confusion\/"},"modified":"2023-03-23T11:20:25","modified_gmt":"2023-03-23T11:20:25","slug":"man-utd-takeover-sir-jim-ratcliffe-sheikh-jassim-to-submit-new-bids-as-deadline-extended-amid-confusion","status":"publish","type":"post","link":"https:\/\/fusefornews.com\/?p=31756","title":{"rendered":"Man Utd takeover: Sir Jim Ratcliffe &#038; Sheikh Jassim to submit new bids as deadline extended amid confusion"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div data-reactid=\".4fn9fa1b8.0.0.0.1\">\n<figure class=\"gs-u-mt0 gs-u-mb-alt+ story-body__media story-body__media--figure qa-story-body-media story-body__media--lead\" data-reactid=\".4fn9fa1b8.0.0.0.1.$video-1\"><span class=\"gs-u-display-block story-body__media\" data-reactid=\".4fn9fa1b8.0.0.0.1.$video-1.0\"><span class=\"gs-u-display-block gs-o-responsive-image\" style=\"padding-bottom:56.25%;\" data-reactid=\".4fn9fa1b8.0.0.0.1.$video-1.0.0\"><noscript data-reactid=\".4fn9fa1b8.0.0.0.1.$video-1.0.0.1\"\/><\/span><\/span><figcaption class=\"gel-brevier gs-u-ph+ gs-u-pv-alt story-body__media__caption story-body__media__caption--video\" data-reactid=\".4fn9fa1b8.0.0.0.1.$video-1.1\">Sir Jim Ratcliffe: Prospective owner visits Manchester United<\/figcaption><\/figure>\n<p role=\"introduction\" class=\"qa-introduction gel-pica-bold\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-2\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-2.0\">Ineos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim are set to submit new bids to buy Manchester United after a deadline was extended at their request amid confusion on Wednesday night.<\/span><\/p>\n<div data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-3\">\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-3.0\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-3.0.0\">Bidders were told they had until 21:00 GMT to submit second, revised bids.<\/span><\/p>\n<\/div>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-4\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-4.0\">BBC Sport has been told several other proposed investors made their submissions by that time.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-5\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-5.0\">It is unclear when the new deadline will be. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-6\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-6.0\">Ratcliffe and Sheikh Jassim are the only publicly declared bidders.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-7\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-7.0\">Initially on Wednesday evening there had been strong indications from sources close to the pair that they had submitted fresh bids. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-8\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-8.0\">But it then emerged over the past 48 hours first the Qatari team and then Ineos had submitted requests to Raine &#8211; the investment bank conducting the sale &#8211; for more time to make their second offers, which was granted. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-9\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-9.0\">The situation is described as &#8220;live and fast moving&#8221; by someone close to the talks but sources insist that both Sheikh Jassim and Ineos are committed to making second bids.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-10\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-10.0\">However the twist in the sale process will only reinforce concerns among some fans that American owners the Glazer family may decide not to sell the club. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-11\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-11.0\">Ineos wants to buy the combined Glazer shareholding of about 69%, but the Qataris are targeting 100% of the club. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-12\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-12.0\">Both sides met with United officials earlier in March. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-14\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-14.0\">BBC Sport has learned that United officials met eight different potential investors over a 10-day period of high-level meetings recently, including Ratcliffe and representatives of Sheikh Jassim.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-15\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-15.0\">The size of their initial bids has not been disclosed &#8211; with reports both are in the region of \u00a34.5bn &#8211; but they were clearly far below the \u00a35-6bn valuation that the Glazers have established, a figure that would smash the record \u00a33.71bn paid for a sports team. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-16\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-16.0\">Whether they &#8211; or any other prospective bidders &#8211; are able to submit an offer that persuades the Glazers to sell is the next key question. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-17\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-17.0\">If not, and with United&#8217;s fortunes improving significantly in recent months under manager Erik ten Hag, the Americans may well yet decide to retain the club and perhaps instead look to sell a minority stake to the likes of US hedge fund Elliott Investment Management. <\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-18\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-18.0\">The Glazer family said in November they were considering selling United.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-19\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-19.0\">Announcing its initial bid Sheikh Jassim&#8217;s Qatari consortium said the offer &#8220;plans to return the club to its former glories&#8221;.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-20\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-20.0\">Described as a life-long Manchester United fan, Sheikh Jassim is chairman of Qatari bank QIB and the son of a former prime minister of Qatar.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-21\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-21.0\">The Ineos group, owned by 70-year-old British billionaire Ratcliffe, has a history of investment in sport and owns French Ligue 1 club Nice and Swiss club Lausanne.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-22\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-22.0\">Its sporting portfolio also includes high-profile sailing team Ineos Britannia &#8211; led by Sir Ben Ainslie &#8211; and a five-year partnership with Formula 1 team Mercedes, while it took over the British-based Team Sky in cycling in 2019.<\/span><\/p>\n<p class=\"\" data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-23\"><span data-reactid=\".4fn9fa1b8.0.0.0.1.$paragraph-23.0\">At the time of the first bid it was understood its proposal would emphasise Manchester-born Ratcliffe would be &#8220;a British custodian for the club&#8221; and would aim to &#8220;put the Manchester back into Manchester United&#8221;.<\/span><\/p>\n<p><span class=\"gs-u-display-block story-body__media gs-u-mb-alt+ qa-story-body-media\" data-reactid=\".4fn9fa1b8.0.0.0.1.$image-24\"><span class=\"gs-u-display-block gs-o-responsive-image\" style=\"padding-bottom:11.875%;\" data-reactid=\".4fn9fa1b8.0.0.0.1.$image-24.0\"><img src=\"https:\/\/ichef.bbci.co.uk\/onesport\/cps\/624\/cpsprodpb\/0847\/production\/_119691120_premier_league_banners_manchester-united.png\" sizes=\"(min-width: 1280px) 800px, (min-width: 900px) 624px, (min-width: 600px) 976px, (min-width: 400px) 624px, 400px\" srcset=\"https:\/\/ichef.bbci.co.uk\/onesport\/cps\/400\/cpsprodpb\/0847\/production\/_119691120_premier_league_banners_manchester-united.png 400w, https:\/\/ichef.bbci.co.uk\/onesport\/cps\/624\/cpsprodpb\/0847\/production\/_119691120_premier_league_banners_manchester-united.png 624w, https:\/\/ichef.bbci.co.uk\/onesport\/cps\/800\/cpsprodpb\/0847\/production\/_119691120_premier_league_banners_manchester-united.png 800w, https:\/\/ichef.bbci.co.uk\/onesport\/cps\/976\/cpsprodpb\/0847\/production\/_119691120_premier_league_banners_manchester-united.png 976w\" alt=\"How to follow Manchester United on the BBC banner\" class=\"qa-srcset-image\" data-reactid=\".4fn9fa1b8.0.0.0.1.$image-24.0.0\"\/><\/span><\/span><span class=\"gs-u-display-block story-body__media gs-u-mb-alt+ qa-story-body-media\" data-reactid=\".4fn9fa1b8.0.0.0.1.$image-26\"><span class=\"gs-u-display-block gs-o-responsive-image\" style=\"padding-bottom:1.6145833333333335%;\" data-reactid=\".4fn9fa1b8.0.0.0.1.$image-26.0\"><img src=\"https:\/\/ichef.bbci.co.uk\/onesport\/cps\/624\/cpsprodpb\/A487\/production\/_119691124_footer_manchester-united.png\" sizes=\"(min-width: 1280px) 800px, (min-width: 900px) 624px, (min-width: 600px) 976px, (min-width: 400px) 624px, 400px\" srcset=\"https:\/\/ichef.bbci.co.uk\/onesport\/cps\/400\/cpsprodpb\/A487\/production\/_119691124_footer_manchester-united.png 400w, https:\/\/ichef.bbci.co.uk\/onesport\/cps\/624\/cpsprodpb\/A487\/production\/_119691124_footer_manchester-united.png 624w, https:\/\/ichef.bbci.co.uk\/onesport\/cps\/800\/cpsprodpb\/A487\/production\/_119691124_footer_manchester-united.png 800w, https:\/\/ichef.bbci.co.uk\/onesport\/cps\/976\/cpsprodpb\/A487\/production\/_119691124_footer_manchester-united.png 976w\" alt=\"Manchester United banner footer\" class=\"qa-srcset-image\" data-reactid=\".4fn9fa1b8.0.0.0.1.$image-26.0.0\"\/><\/span><\/span><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/sport\/football\/65043304?at_medium=RSS&#038;at_campaign=KARANGA\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Sir Jim Ratcliffe: Prospective owner visits Manchester United Ineos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim are set to submit new bids to buy Manchester United after &hellip; <\/p>\n","protected":false},"author":1,"featured_media":31757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/fusefornews.com\/index.php?rest_route=\/wp\/v2\/posts\/31756"}],"collection":[{"href":"https:\/\/fusefornews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fusefornews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fusefornews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fusefornews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31756"}],"version-history":[{"count":0,"href":"https:\/\/fusefornews.com\/index.php?rest_route=\/wp\/v2\/posts\/31756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fusefornews.com\/index.php?rest_route=\/wp\/v2\/media\/31757"}],"wp:attachment":[{"href":"https:\/\/fusefornews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fusefornews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fusefornews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}