A potential takeover of Manchester United is being ‘delayed’ by the Glazer family’s asking price in negotiations.
Since then, two confirmed bids have been submitted, with Sir Jim Ratcliffe’s Ineos as well as Qatar’s Sheikh Jassim bin Hamad al-Thani having both publically confirmed they have made offers for a full takeover.
However, according to the Guardian, the largest of those bids was worth around £4.5 billion, significantly short of the Glazers’ asking price of £6 billion.
The difference in valuations means that the Glazers’ desire to have a deal sorted by the end of March is now ‘unlikely’, though a potential agreement before the end of the season is still possible.
They say that the Glazers could accept a bid that falls between the value of their current bid and their £6 billion valuation, though it remains to be seen whether either party will up their offer, with neither keen to overpay.
United’s shares have dropped 17 percent in a week amid suggestions that a takeover will not go ahead, with the Glazer family said to be split on their desire to sell. Co-chairmen Joel and Avram are said to harbour desires to stay, while their siblings, Kevin, Bryan, Edward and Darcie, are keen to cash in.
Sir Jim Ratcliffe and Sheikh Jassim are both said to be boyhood Manchester United fans, and have both previously made attempts to buy the club.
Ratcliffe revealed that he spoke to the American’s last year regarding a potential takeover but was told that the club was not for sale, while The Athletic report today that Sheikh Jassim was part of the ‘Red Knights’ consortium that tried to buy the club back in 2010.
Manchester United fans aired their vociferous opposition to the Glazer ownership during their Carabao Cup final win over Newcastle on Sunday, with Avram Glazer in attendance in the Royal Box.