The battle for Manchester United descended into farce last night as the initial deadline for second bids passed.
Representatives of the Qatar-based group and that of Sir Jim Ratcliffe had both claimed that their offers had gone in before the 9pm cut-off.
But confusion subsequently reigned, with Manchester United sources strongly denying that a bid from either had materialised and stating that both had actually asked for more time, which was granted.
The offers, of around £5bn, and which would both represent a world record fee for a sports club – were meant to drop ahead of the 9pm deadline set by the US bank handling the process.
But while both groups confirmed their bids had gone in, it later became apparent that was not the case. Sportsmail understands no new deadline has been set but the offers are now likely to be made Thursday or Friday.
Qatar-based group and Sir Jim Ratcliffe need more time to process bids for Manchester United
INEOS CEO Ratcliffe was one of two parties putting together a second bid for the club
Both groups believe they are the only two keen on fully buying the club, which will do little to drive up the price to a level at which the current owners, the Glazers, would be happy to sell
Both Sheikh Jassim bin Hamad al-Thani’s group and Ratcliffe’s Ineos firm will not pay a figure what they feel would be over the odds.
Sheikh Jassim remains committed to the bid and confident of success, despite last night’s furore.
Sources close to the Qatar-based bid say they are ready to go and feel their offer will be best for the club, the fans and the community.
The two groups believe they are the only parties interested in buying the club rather than taking a partial stake, which is also on the table.
That perceived lack of competition from elsewhere will do little to drive up the price to a level at which the Glazers would be prepared to let the Premier League giants go.
It is also understood that there remains some distance between their expected bids and what the Glazers had initially wanted.
The current record, of £3.71bn paid for the NFL’s Denver Broncos, would be comfortably eclipsed, but United’s current owners are thought to be seeking more than £6bn.
A number of factors may well prevent that from becoming a reality. An Old Trafford desperately in need of investment would land the buyer with another bill of anywhere from £1bn to £2bn and beyond.
Ratcliffe and Sheikh Jassim visited Old Trafford for talks this week ahead of the deadline
The club’s Carrington training base is also in need of a costly upgrade. Then there is the prospect of what would be a summer transfer market in which heavy investment in Erik ten Hag’s third-placed squad – 19 points adrift of leaders Arsenal – would be needed.
The Glazers have offers of partial investment. Those would provide the funds needed for upgrades. However, the prospect of anything other than a full sale would be likely to cause outrage among sections of United’s support.
Fans have already brought banners to Old Trafford calling for a full sale and chants of ‘We want Glazers out’ are commonplace at matches.
Following the European Super League debacle, United’s match with Liverpool was abandoned amid protests from supporters.
The prospect of such toxicity – and the potential damage that may cause to the brand should the Glazers not depart – may well be a consideration.
Raine, the group running the process, are expected to respond over the next seven days, despite the delay.
At that stage a final round of bidding may be activated, or the Americans could choose to enter into an exclusivity period with a chosen group.
At that point full access to financials would be provided for one final round of negotiations.
source: dailymail.co.uk
