The only two public bids for Manchester United are reportedly too low for the club’s current owners.
Qatari Sheikh Jassim bin Hamad Al Thani and Jim Ratcliffe’s INEOS have both confirmed their separate bids for the Premier League club, but Telegraph Sport reported that the bids would need to be larger in order for the Glazers to sell.
Sheikh Jassim confirmed his bid for a full takeover without debt on the Feb. 17 deadline. It was reported that INEOS, which has the help of Goldman Sachs and JPMorgan Chase & Co., wanted to take a 69% stake in the club.
It’s unclear how much either bid is, but neither are believed to reach the roughly $6 billion the Glazers are thought to be looking for, which would be a record price for a sports team. Forbes last valued the club at $4.6 billion.
Raine Group was hired by the Glazers, who purchased the team for roughly $942 million in 2005, in November to explore a potential full or partial sale. The Athletic reported on Friday that Joel and Avram Glazer are reluctant to sell, but are unable to buy out the four family members who do want to sell.
Elliott Management, Ares Management, and Oaktree Capital have all reportedly offered funding to bidders.
