Manchester United

Manchester United bidders 'asked to clarify source of their wealth'

By Matt Law, Football Editor | 30 April 2023

Man United bidders 'asked to clarify source of their wealth'

Manchester United's bidders have reportedly been asked by Raine Group to clarify the source of their wealth ahead of potential takeovers.

Manchester United's bidders have reportedly been asked to clarify the source of their wealth, with Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe both submitting fresh offers for the club on Friday.

The takeover process has entered a third round of bidding, and Sheikh Jassim is believed to have placed an offer in excess of £5bn on the table before the 10pm deadline.

The Qatari banker is looking to complete a full takeover of the 20-time English champions, but Ratcliffe's bid is allegedly only for 50%, which could see the Glazer family keep a minority shareholding of 20%.

Raine Group, who are working on the sale, are expected to evaluate the offers over the next few days, with further developments and a potential announcement due before the end of next week.

According to Bloomberg, Raine have contacted all bidders with various questions, including asking where their wealth originates from and future financial plans.

Ineos chairman Jim Ratcliffe is pictured at Old Trafford in Manchester, Britain, March 17, 2023 © Reuters

The report reiterates that while Ratcliffe is prepared to keep the Glazers on board, Sheikh Jassim is only interested in completing a full takeover of the club.

The Qatari banker has also promised to clear all outstanding debts, in addition to heavily investing in improving Old Trafford and the club's training ground.

Sheikh Jassim is also said to be willing to make significant transfer funds available in the upcoming market, with the Red Devils looking to return to the top of the English and European game.

Last November, the Glazers revealed that they were open to selling the club, but recent reports have suggested that co-owners Joel Glazer and Avram Glazer could ultimately decide to bring in minority investment rather than cut ties with the English giants entirely.

Manchester United co-owner Avram Glazer and club CEO Richard Arnold on February 26, 2023 © Reuters

There could again be fresh protests at Old Trafford when Man United continue their Premier League campaign at home to an in-form Aston Villa on Sunday afternoon.

The Red Devils will enter the contest off the back of a 2-2 draw with Tottenham Hotspur in the league on Thursday night, which left them comfortably in the top four.

Erik ten Hag's side are six points clear of fifth-placed Tottenham in the table with two games in hand on the North London side, who will face Liverpool on Sunday afternoon.

Man United ended their six-year trophy drought by winning the EFL Cup at the end of February, and they will take on Manchester City in the final of the FA Cup at the start of June.