The battle to buy Manchester United heated up on Wednesday as Qatari banker Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe prepared to raise their bids for the 20-time English champions. | Sport24news
Both parties were expected to increase their initial offers after the submission deadline of 23:00 was extended by merchant bank Raine, which is assisting with the sale of the club, following confusion over the timing, the BBC reported.
A source close to Sheikh Jassim's bid told AFP he remains confident his bid is"the best for the club, fans and local community." Deeply unpopular with supporters since they saddled the club with debt in a £790 million leveraged takeover in 2005, the Glazers appeared ready to cash out at an enormous profit when they invited external investment in November.
That would surpass the Premier League record of £2.5 billion paid for Chelsea last year by a consortium led by LA Dodgers co-owner Todd Boehly and private equity firm Clearlake Capital, with a further £1.75 billion promised in investment in infrastructure and players.If one bid is vastly ahead of the others, it could be chosen to enter into a period of exclusivity, which would allow further negotiation ahead of a final sale.