Man Utd’s bids invited to Old Trafford for a takeover show
Manchester United bidders will attend detailed demonstrations at Old Trafford next week as the Glazers are said to remain “confirmed sellers” at the right price.
The executives will outline “opportunities and challenges” as Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe prepare their final offers for the club.
Telegraph Sport revealed on Saturday how the pair were given the green light to enter the second stage of the sale process. They will now be under pressure from the sellers to meet an asking price of £5billion.
Representatives from Raine’s New York brokers are also flying in to help with negotiations as the race to buy the club heats up by the end of next week.
As well as being present at Old Trafford, councilors representing Ratcliffe and Sheikh Jassim will also be shown separately at the Trafford Training Centre. As part of various due diligence exercises, it is expected that detailed demonstrations will outline potential earnings potential if £1billion worth of infrastructure improvements are delivered.
Bidders are also preparing to receive more detailed financial information in a data room over the coming days. Qatari bank chairman Sheikh Jassim and Ratcliffe’s Ineos Group are the only two parties to have gone public with their attempts to buy United.
Telegraph Sport has previously revealed how Sheikh Jassim and Ratcliffe will have to raise their offers to convince the Glazers to sell. If price expectations are not met, the Glazers could hold on to the club, although a City source insists they will remain “confirmed sellers” as it is.
Unlike Chelsea’s huge interest last summer, negotiations will remain largely confidential as the bidding process ramps up in the coming days. Bidders have agreed to non-disclosure agreements.
US hedge fund Elliott Management and financier Oaktree Capital and MSD Partners also submitted proposals to Raine, offering to finance potential suitors. It is not clear whether their offers are still being considered.
Sheikh Jassim is offering to buy out the Glazers and United’s minority shareholders, clear the club’s debts and invest in a new stadium, training ground and playing squad.
Ratcliffe, who is being advised by Goldman Sachs and JPMorgan, does not intend to load any new debt on the club and hopes that his local connections could be important. United’s total debt, according to its latest accounts, is £680 million.
Any new owner could also expect to have to fund a new stadium and training ground, which could cost between £1billion and £2billion.
But the opportunity to take ownership of one of the world’s most prestigious sports clubs could keep the valuation high, sources close to the process said. Brokers are still working under instructions from the Glazers that any deal would have to be finalized by the end of April.