April 28, (THEWILL) – The future of Manchester United could be determined by Friday, as the deadline passes for a third round of bidding to buy the English Premier League club.
The Glazer family, who own United, are believed to be seeking a world-record £6 billion ($7.3 billion) fee for the club. If that figure is not met, the owners could retain control of the club, which has led to concerns among the fanbase. Front runners to buy the club if the Glazers do decide to sell are Qatari banker Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani and British billionaire Jim Ratcliffe.
United fans have been unhappy with the Glazers since they took over the club in a £790 million leveraged takeover in 2005. An alternative to an outright sale is the option of minority stakes. The private equity firms Elliot Investment Management and The Carlyle Group are among those interested in buying a minority stake, which would allow the Glazers to retain control while providing funding for investment in the club.
Offers from the second round of bidding last month were believed to be worth around £5 billion, which would smash the Premier League record of £2.5 billion paid for Chelsea last year by the Todd Boehly-led consortium. The Glazers have been in charge of United for 18 years, during which time the club has experienced a decade of decline on and off the field. United has not won the Premier League title since 2013, and the club’s revenue has fallen behind local rivals Manchester City and Liverpool.
Manchester United Supporters’ Trust has called for a quick resolution to the process to allow new owners to be in place ahead of the summer transfer window. This will allow a wholesome investment climate that will benefit the squad in the transfer market to make the club as competitive as Manchester City.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
