Manchester United: Glazers ‘considering takeover bid from ex-AC Milan owners’

The Glazers are reportedly considering a takeover offer from the former owners of AC Milan for 60 per cent of Manchester United.

Elliott Management are looking to become the next owners at Old Trafford, less than a year after they sold AC Milan to Redbird Capital Partners. 

Their 60 per cent offer, reported by the Independent, comes despite the Glazers’ hopes to keep a majority share in the club, and the American owners could look to negotiate Elliott’s bid down to 40 per cent. 

Qatar’s Shiekh Jassim bin Hamad al-Thani and British billionaire Sir Jim Ratcliffe’s INEOS were confirmed to have made offers for the Red Devils, and are now waiting for responses from Raine Group who are the merchant bank dealing with the sale. 

Sportsmail reported earlier this week that those who have sent in offers to buy or make an investment in the Premier League giants, should be informed what the next steps are in the coming days.  

Bidders hoping to buy Man United are expecting to hear back about the next steps this week

The Qatari bid was for full control of the club, while Ratcliffe is hoping to take a majority stake at Old Trafford – though both of their initial bids were lodged at maximum of £4.5bn.  

A ‘soft deadline’ for offers fell on February 17 and it is unsure whether Elliott Management made their reported offer by that date.

Raine have been sifting through the bids ahead of the next process. Those in the running are expected to be given access to United’s full financials, after being given a glimpse following their initial expressions of interest.

It is unlikely that first offers will be accepted, with a period of negotiation set to follow. There is a belief that the Glazers are seeking around £6bn, a valuation some see as unrealistic.

As was the case with the bidding process for the sale of Chelsea, also overseen by Raine, some of the groups involved may be put into contact with each other with a view to forming consortiums.

Anti-Glazer sentiment has been commonplace at United matches this season but the volume was turned up during Sunday’s Carabao Cup final, with Avram Glazer present.

The frontrunners to buy United are Sheikh Jassim bin Hamad al-Thani (L) and Jim Ratcliffe (R) 

As United closed in on their first trophy in five seasons loud chants of ‘We want Glazers out’ could be heard from the United section, while some carried anti-Glazer banners.

Al-Thani, son of a former prime minister and chairman of one of Qatar’s biggest banks, is understood to have watched the game with family at his home in Doha. He is known as a United fan and friends say he wears the club’s shirt at weekly five-a-side matches.

Meanwhile, Sportsmail understands that there is some consternation among a number of the bidders that they are still to hear back following the deadline.

That feeling was exacerbated by reports over the weekend that bids for the club were under the Glazers’ valuation – which came after those in the process were told by Raine to keep quiet.

Elliott Management previously owned AC Milan, who they sold last year to RedBird Capital Partners

It has also been reported that hopes to conclude a deal by the end of March appear to be unlikely.

The report from the Guardian claims that while it is the family’s desire to sell the club, a deal being agreed by the end of the month is now in doubt and will be pushed back until after the season finishes. 

The latest developments come in what has been a tough week in stock market for the Red Devils, the price at one stage on Sunday dropping by around 13 per cent.

Aside from offers to takeover the club, there are offers of investment which Avram and brother Joel could, in theory, use to pay off the other four members of the family and redevelop Old Trafford and the club’s training ground. 

How that would go down with supporters remains to be seen. Following United’s support for the subsequently-aborted European Super League, their match with Liverpool in May 21 was abandoned when protesting fans managed to break into Old Trafford.