Sir Jim Ratcliffe set to submit formal bid for Manchester United
Manchester United’s owners, the Glazer family, expect the first formal offers for a takeover of the club to be submitted this week.
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The Americans effectively put the club up for sale in November, though they remain open to ‘strategic’ investment in the Red Devils rather than a full sale.
The Glazers value the club at around £6bn, which is far greater than the club’s £3.75bn share price would suggest.
Nevertheless, the club is set to sale for more than its sale price given its such a rare opportunity for someone to get their hands on arguably the biggest football club on earth.
The Raine Group, who dealt with Roman Abramovich’s sale of Chelsea, are overseeing the bids for United.
And after allowing interested parties to view the club’s accounts, bids are now expected to be submitted this week.
Ratcliffe, the richest man in Britain and a boyhood United fan, is the early frontrunner.
However, there is interest from the Middle-East, Asia and America with parties set to fight Ratcliffe for a full sale.
Whoever takes charge must decide what to do with Old Trafford. The stadium, should the owner decide to keep it, requires £1bn in investment to bring it up to speed.
However, a better long-term option could be building a new stadium on the same grounds, though this would cost around £2bn.
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