Qatari banker Sheikh Jassim bin Hamad Al Thani has made an improved offer to buy Manchester United. Additional negotiations involving the Raine Group, the company in charge of the sale, took place on Tuesday morning.
The two primary companies vying to purchase the Old Trafford club are the Qatari financier and Sir Jim Ratcliffe’s Ineos Group. At the end of April, both teams filed their third offers.
It is understood that the new offer will buy the entire club, pay off United’s debt, and include a special fund that will only be used for the club and the local community.
According to data from March, United owed £969.6 million in total debt. This includes gross debt, bank borrowings, and unpaid transfer fees and related obligations.
In November, the Glazer family made the announcement that they were “exploring strategic alternatives” and might sell Manchester United.
The Glazer family has not responded since the previous bid deadline on April 28; but the Ineos team has grown more optimistic that their efforts to acquire United would be successful.
Co-chairmen Joel and Avram Glazer may still have some role if Ratcliffe reduced the amount of United he sought to purchase from an original 69% for the entire Glazer share to just over 50%.
Avram Glazer followed up his appearance at the Carabao Cup final in February by watching United’s women’s team lose in the FA Cup final against Chelsea at Wembley on Sunday.
Glazer subsequently visited a London hotel owned by Sheikh Jassim’s father, which sparked more rumours about the sales process.
There has been no indication when the Glazer family will make a decision over the future direction of United.
They bought the club for £790m in 2005 and have established a valuation of between £5bn and £6bn for it.