There are growing concerns that those seeking to buy Manchester United are ‘wasting their time’, following the ‘farce’ of the deadline for second takeover proposals.
United initially set a deadline of 9 pm on Wednesday for interested parties to submit their second formal offers, though there was widespread confusion after it emerged that the two leading contenders – Sheik Jassim bin Hamad al-Thani and Sir Jim Ratcliffe – had not submitted bids, despite their claims otherwise.
The US bank overseeing a potential sale, The Raine Group, have since allowed extra time for the bidders and proposals to the club’s current owners will be submitted on Friday.
However, the Daily Mail are reporting that there are ‘concerns’ that a full takeover may not materialise with each of the offers understood to fall short of the Glazer family’s valuation.
The Glazers value the Red Devils at around £6bn, with the proposals submitted believed to be around £5bn.
That figure would represent a record sale for a professional sports team, but it remains to be seen whether it is enough to persuade the American owners into a sale.
The report goes on to say that if the Glazers refuse to lower their valuation, the ‘likelihood of a full sale going through is minimal’.
Meanwhile, the Guardian say that the bidders are starting to feel that the Glazers ‘might have played them for months’, and have been looking to drive the price up in order to ‘create leverage for a loan or offload a minority to a hedge fund’.
It could open up an avenue for those interested in ‘partial investment’ into the Premier League side, including Elliott Investment Management, former owners of AC Milan.
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