With third-round bids for Manchester United due on Friday, the bank managing the sale is looking for more than just a number.
Manchester United bidders are being asked to show where their money comes from, who would be in charge of the team if the bid is successful, specifics on debt financing related to the bid, and future financing plans, according to Bloomberg.
The data request from the Raine Group, which is managing the sale, came in recent days, with bidders preparing third-round offers. The leading contenders to purchase the team are the INEOS Group, led by billionaire and lifelong Manchester United fan Jim Ratcliffe, and Qatar’s Sheikh Jassim bin Hamad Al Thani.
Offer Split
The biggest difference between the two offers may be in how much of the team they are offering to buy. While Sheikh Jassim is seeking to buy 100% of the club in an all-cash offer, Ratcliffe is reportedly looking to purchase just enough to claim a majority, and could allow the Glazer family to retain a minority stake.
That proposal could appeal to Joel and Avram Glazer, who, unlike their siblings, are reportedly reluctant to let go of the team. Previous reports indicated that they could only sell off minority shares to buy out their siblings while retaining control of the club.
