sport news Formal bids for Manchester United are due to be submitted in the next week trends now
Formal bids for Manchester United are due to be submitted in the next week or so, the Mail on Sunday understands.
The sale, which is expected to attract initial offers of at least £4billion, has attracted considerable interest from potential buyers in the US, the Middle East and Asia.
But the early front-runner in the race to buy United is British billionaire and boyhood fan Jim Ratcliffe, owner of the Ineos chemicals conglomerate.
US investment bank Raine is running the sale on behalf for the Glazer family, who has owned United since a controversial £790million leveraged takeover in 2005 saddled the club with huge debts and sparked fans’ fury.
The Glazers finally put a ‘For Sale’ sign up outside Old Trafford in November when they said they wanted to ‘explore strategic alternatives’ for United ‘including new investment into the club, a sale, or other transactions’.
United’s share price has shot up on bid hopes since the announcement with the club now valued at £3billion ($3.67billion) on the New York stock market.
Formal bids to take over Manchester United are due to be submitted in the next week or so
The Glazer family first announced they were ready to sell Manchester United last November
A buyer would normally expect to pay around 25 percent more than that for full ownership and control, implying a £4billion price tag.
Analysts say in