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There has been growing talk from multiple sources suggesting a significant development in the Manchester United takeover saga is imminent.
Mike Keegan (Daily Mail) contends this is not true.
The reporter has refuted the story – run by Neil Custis yesterday – indicating Sheik Jassim’s bid had triumphed over Sir Jim Ratcliffe’s. Custis contends a Qatari takeover could be completed as early mid-October in a deal worth £6 billion.
Keegan believes there is “little to indicate” a sale is imminent.
In fact, The Daily Mail reporter asserts neither bid by the two entities have reached the “level the Glazers are prepared to accept.”
Raine Group, the New York investment firm selected by the Glazer family to handle the bidding process, are said to be currently “trying to bridge that gap.”
Raine were the organisation employed to lead Roman Abramovich’s sale of Chelsea.
Keegan believes there is not, at present, a favourite between the two offers; negotiations are ongoing with both parties to find an agreement that satisfies the Glazers, who are “reluctant to sell” without their price being met.
The Qatari bid is perceived as “cleaner” given it is an offer for 100% of the club, which may make it more favoured amongst shareholders without the last name Glazer.
Ineos’ bid is for a majority share of the club which would leave room for two of the Glazers to remain involved in the club’s hierarchy.
Both bids come with issues which have been expressed by United’s fanbase during the protracted takeover saga.
Keegan contends these frustrations will not factor into the American owner’s decision however: “I would be amazed if the winner is not the group that offers them the most money.” Capitalism 101.
Furthermore, Keegan explains how even in the scenario a bid is successful – which is “not a given” – there will be a lengthy process of due diligence, conducted by the Premier League, to assess the prospective new owners.
This could add a “couple of months” to the takeover process, making the mid-October prediction an unlikely one, even if a deal was struck today; a possibility Keegan assesses as very low.
