March 11 According to the “Daily Telegraph” report, the Glazer family said that as long as the bid is right, they will still
It was “determined to sell” Manchester United.
The Glazer family’s asking price for Manchester United is 5 billion pounds.
United’s bidders will be at Old Trafford next week for a detailed club presentation.
Executives will outline “opportunities and challenges” as Alsani and Ratcliffe prepare to submit final offers.
The Daily Telegraph reported that the two consortiums had been given the green light to enter the second phase of the bidding process.
Now, they will be under pressure from sellers, with the Glazer family asking £5bn.
Rennes representatives are also due to fly to England to take part in talks, with the race to acquire the club further intensified next weekend.
As well as visiting Old Trafford, advisers representing Ratcliffe and Al Thani will also visit the Carrington training ground separately.
As part of various due diligence, a detailed presentation will outline possible increased earning power, should a £1 billion infrastructure improvement plan be implemented.
The bidders are also preparing to receive more detailed financial information in the coming days. Al Thani and Ratcliffe are the only two consortiums that have publicly expressed interest in buying Manchester United.
The Daily Telegraph previously revealed that Al Thani and Ratcliffe would have to raise their offers to convince the Glazers to sell.
If the price does not meet expectations, the Glazers may continue to hold the club.
But one source insisted that as of now, they are still “determined to sell”.
Unlike the case of Chelsea’s sale last summer, negotiations will be kept strictly confidential as the bidding process is intensifying.
The bidder has agreed to a non-disclosure agreement.
U.S. hedge funds Elliott and Oaktree Capital Management, along with MSD Partners, have submitted proposals to provide funding to potential buyers.
It is unclear whether their offer is still under consideration.
Arsani offered to buy them all, pay off the club’s debts and invest in a new stadium, training ground and team.
Ratcliffe, who is taking advice from Goldman Sachs and JPMorgan, does not plan to add any new debt to the club and hopes his homegrown status will help.
According to Manchester United’s latest financial report, the club’s total debt is 680 million pounds.
However, ownership of one of the world’s most famous sports clubs is likely to keep valuations high, people close to the club said.
Brokers are understood to be still following Glazer’s directive that any deal must be finalized by the end of April.