Sir Jim Ratcliffe’s improved bid to buy Manchester United is now IN, confirm INEOS after soft deadline passed on Wednesday night without an offer, with rival Qatar bid expected to follow in the next 24 hours
- The INEOS billionaire submitted his second bid to takeover the club on Thursday
- The Qatari camp are set to follow up with their own bid in the next 24 hours
Sir Jim Ratcliffe’s revised bid to buy Manchester United was finally submitted to the club on Thursday night.
Britain’s richest man and his Qatari rivals were expected to put in their new offers before Wednesday night’s 9pm soft deadline set by the Raine Group, who are handling the proposed sale, but no revised offers were received despite contrary claims from representatives of both bids.
The Sheikh Jassim bin Hamad al-Thani group are expected to submit their bid in the next 24 hours.
A spokesperson from INEOS told Sportsmail: ‘Sir Jim Ratcliffe and INEOS can confirm we have submitted a revised bid.’
Both groups visited Manchester last week for tours of Old Trafford and Carrington and are thought to have needed extra hours to finalise their second bids.
INEOS CEO Sir Jim Ratcliffe has submitted his second bid for Manchester United
Ratcliffe and his Qatari rivals needed more time to process bids for the Old Trafford club
Both groups believe they are the only two keen on fully buying the club from the Glazers
Sheikh Jassim bin Hamad al-Thani’s second bid for the club was expected to land on Friday
Meanwhile, Elliott Investment Management, the former owners of AC Milan who had offered funding to potential bidders, have now lodged their own proposal for a minority stake.
They were one of a number of groups which were given presentations in Manchester and were so impressed that they decided to make their own offer.
It remains to be seen whether the Glazers will seek a full sale or take a minority offer, such as that now made by Elliott.