Man Utd news live: Jim Ratcliffe and Sheikh Jassim granted extension in takeover bids

2022: Todd Boehly for Chelsea, £4.25bn

The most expensive takeover in Premier League history to date happened last year in the wake of Russia’s invasion of Ukraine. Sanctions placed on Roman Abramovich, an oligarch with ties to Vladimir Putin’s government, forced the Russian to sell the London club he had owned since 2003. Chelsea drew interest from a number of consortiums and wealthy individuals, pushing the potential sale price up to in excess of £4 billion, with a consortium fronted by American investor Todd Boehly sealing the takeover in May 2022.

A part owner of the Los Angeles Dodgers and Los Angeles Sparks, Boehly’s ownership of the club has so far seen a major outlay in the transfer market, with the businessman’s erratic transfer strategy and heavy involvement in the football side of the club criticised by some. Reported clashes between Thomas Tuchel and Boehly brought an end to the German manager’s tenure at Stamford Bridge last September, with Graham Potter appointed as Tuchel’s replacement.

2005: Glazer family for Manchester United, £790m

The Glazer family first to took a minor stake in Manchester United in 2003, slowly buying out other shareholders over the next two years to complete a full takeover in 2005. Patriarch Malcolm Glazer, who also led the purchase of NFL franchise the Tampa Bay Buccaneers, died in 2014, leaving control of the club in the hands of his six children.

Sons Joel and Avram have been most heavily involved and suffered significant criticism, with Old Trafford in need of refurbishment and Manchester United’s on-field fortunes suffering a down-turn after the retirement of Sir Alex Ferguson. The Glazers now appear on the brink of a sale.

2008 onwards: Stan Kroenke for Arsenal, £731m

American billionaire Stan Kroenke has been involved with Arsenal since 2008, spending a total of in excess of £700 million to take and maintain majority control of the club. The septuagenarian is also a team owner in the NFL, NBA, NHL and MLS.

2021: PIF for Newcastle, £300m

A consortium led by the Saudi Public Investment Fund completed their takeover of Newcastle in October 2021. The deal was delayed after initial resistance from the Premier League amid significant criticism from human rights groups and reports of influence on the league from Qatar-based television partner beIN Sports, but was eventually concluded after a protracted 18-month process.

Increased investment has allowed Eddie Howe’s side to establish themselves as top-four challengers this season.

2010: Fenway Sports Group for Liverpool, £300m

Already the owners of Major League Baseball’s Boston Red Sox, Fenway Sports Group (FSG) completed their purchase of Liverpool in October 2010. Led by billionaire John W Henry, the sports investment conglomerate was founded in 2001 and their investment helped Jurgen Klopp assemble the first Premier League title-winning Liverpool side.

With Manchester United set to be bought for a potential world-record price for a sports team, we look at the previous most expensive Premier League takeovers in history, starting with their noisy neighbours.

2008: Sheikh Mansour for Manchester City, £210 million

It was the deal that precipitated the establishment of Manchester City as one of the Premier League’s biggest clubs, leading to an era of record transfer deals and significant, sustained success. Sheikh Mansour, the Deputy Prime Minister of the United Arab Emirates, completed his controversial takeover in September 2008 through the Abu Dhabi United Group, an investment arm of the Abu Dhabi royal family.

There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.

Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.

Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.

Although neither Sheikh Jassim nor Sir Jim Ratcliffe is thought to have surpassed £5bn with their initial bids, both are expected to get closer to the mark second time around – after they were granted an extension to the initial deadline of 9pm yesterday.

However, the two bids were for different stakes of ownership and brought different options to the table for Manchester United as a football club.

Sheikh Jassim wants to complete a full takeover of United, meaning he would buy the Glazer family’s 69 per cent and then purchase the remaining 31 per cent, which is made up of smaller investors. This could take some time as he would have to contact and negotiate with each investor to buy out their shares.

The Qatari banker has also made several pledges to invest in specific areas of the club – such as renovating the stadium – leaving United in debt following the cash purchase.

Ratcliffe’s bid is only for the Glazers’ 69 per cent and a majority shareholder stake. At this stage he is not offering to buy out the remaining shareholders.

He would have to borrow money to finance any takeover and his company INEOS has not committed to paying off the club’s debt, which sits at £656 million.

Those close to his bid are saying that no new debt will be loaded onto the club but it remains to be seen if Ratcliffe would pay off the debt over time.

The Glazer family are considering selling the Old Trafford giants after 18 years of controversial ownership.

The Americans have invited interested parties to submit plans to take the club forward, which could either mean a full takeover or significant investment.

So far two bidders, Ineos owner Sir Jim Ratcliffe and Qatari businessman Sheikh Jassim, have gone public with plans to take outright control of the club but there could be other interest.

Former United midfielder Scholes has no preference over who might take charge but just hopes it does happen for the sake of harmony.

Football finance expert Kieran Maguire says the suggestion that the Glazer family would receive more than £5bn for the Red Devils is way off the mark.

In a similar comparison, Todd Boehly’s consortium bought Chelsea for £4bn and with Manchester United being a more historically rich and successful side, not to mention more commerically viable, then the Glazers’ valuation doesn’t seem too over the top.

“Manchester United is a much bigger football club than Chelsea,” Maguire told CNN. “It’s got a bigger ground. It’s got a bigger fan base. It’s a much more well-known brand.

“It’s a bit like putting up your house for sale and you give a rough guide price. The Glazers are looking for $7.2 to $9.6 billion. It’s probably not worth that … and it comes down to how much each party is willing to compromise or to pay in terms of extra financial commitments.”