Sheikh Jassim bin Hamad Al Thani has raised his bid to purchase Manchester United, bringing it closer to £5 billion.
A new bid was placed on Tuesday morning amid additional discussions with the Raine Group, who are managing the sale, according to many news reports.
The two primary companies vying to purchase the Old Trafford club are the Qatari financier and Sir Jim Ratcliffe’s Ineos Group.
At the end of April, both parties presented their third offers.
It is understood that the new offer will buy the entire club, pay off United’s debt, and include a special fund that will only be used for the club’s community.
According to data from March, United owed £969.6 million in total debt, including gross debt, bank borrowings, and unpaid transfer fees and related obligations.
In November, the Glazer family made the announcement that they were “exploring strategic alternatives” and might sell Manchester United.
The Glazer family has not responded since the previous bid deadline on April 28, but the Ineos team has grown more optimistic that their efforts to acquire United would be successful.
Co-chairmen Joel and Avram Glazer may still have some role if Ratcliffe reduced the amount of United he sought to purchase from an original 69% for the entire Glazer share to just over 50%.
Avram Glazer saw the United women’s team lose the FA Cup final against Chelsea at Wembley on Sunday as a follow-up to his participation at the Carabao Cup final in February.
Glazer then went to a hotel in London owned by Sheikh Jassim’s father, which sparked fresh rumors regarding the sale process, albeit the Raine Group was not involved in any conversations, according to information gathered by various news sources.
When the Glazer family will decide on the future course of United has not been specified.
They paid £790 million for the club in 2005, and as of now, they value it between £5 billion and £6 billion.
Given that the transfer window opens in less than a month, it had been anticipated that an announcement this week would provide manager Erik ten Hag with some clarity over his summer spending plan.
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