Sir Jim Ratcliffe and representatives of Sheikh Jassim bin Hamad Al Thani will visit Old Trafford shortly for a presentation on the Manchester United takeover process
Manchester United owners the Glazers have told prospective buyers they have 10 days to submit improved offers for the club.
The Glazers put United up for sale in November and have received offers from INEOS chief Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani. Neither of those bids are thought to have come close to the Glazers’ valuation of the club.
Representatives of Sheikh Jassim, who wants to buy 100 per cent of the club, will attend Old Trafford on Thursday to watch a presentation on the takeover process. Ratcliffe, who wants to buy just the Glazers shares (69 per cent), will do the same the next day.
The two leading candidates to complete a takeover of United will meet members of staff, as well as complete tours of Old Trafford and their Carrington training ground during their visits to Manchester. This will help them assess how much investment is required.
Mirror Football understands the Glazers want at least £5billion for their shares. The successful bidder will also need to commit at least another £1.5billion to redevelop Old Trafford and Carrington. They will also inherit the club’s debt, which stands at £515million.
If Sheikh Jassim and Ratcliffe are not put off from buying United, they will then need to submit a second bid to the Raine Group – the US bank who are overseeing the process on behalf of the Glazers. The Daily Mail claims they will have 10 days to do this.