British billionaire Jim Ratcliffe and Qatar’s Sheikh Jassim to submit improved bids for Man Utd
Ineos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim will submit improved bids to buy Manchester United before Wednesday’s 21:00 GMT deadline, the BBC reports.
The two parties, the only publicly-declared bidders, met with United officials this month.
Both are understood to have held positive meetings while visiting Old Trafford and United’s training ground.
Ineos want to buy the combined Glazer shareholding of around 69%, but the Qataris are targeting 100% of the club.
Manchester United, which is listed on the New York Stock Exchange, has a market capitalisation of $4.2bn and debt of about $700mn. Shares rose 4.8 per in New York on Wednesday.
The Glazer family, which is advised by merchant bank The Raine Group, purchased United in 2005, in a £790mn leveraged buyout led by the late Malcolm Glazer that infuriated fans for loading the club with debt.