UK billionaire investor, Sir Jim Ratcliffe, has overtaken his rival, Sheikh Jassim, on the race to become Manchester United new owner, MySportDab reports.
Ratcliffe and Sheikh Jassim have been the two leading contenders to takeover the reins at Old Trafford as new owners since the Glazers put up Manchester United for sale in November, 2022.
The takeover process has been dragging with three rounds of bids submitted since the first offers did not meet the Glazers £6bn valuation of the club.
Sir Jim Ratcliffe and Sheikh Jassim beat the Friday deadline to submit their third and final bids of the club.S
SirJim Ratcliffe has submitted a final bid of £5bn while his rival Sheikh Jassim has submitted a final bid of £5.5bn with a bonus offer for infrastructural revamp.
Details of Ratcliffe’s bid shows the Glazers will hold a minority stake at the club; the club’s debt will not be cleared, and funds will be borrowed to financed the takeover process.
On the contrary, Shiekh Jassim’s offer wants a 100% ownership of the club; the club’s debt will be cleared and no money will be borrowed to finance the takeover process and the club’s infrastructural projects.
While Sheikh Jassim’s bid seems to be more popular with Manchester United fans, reports from Daily Mail reveal Sir Jim Ratcliffe is leading the race to takeover the club.
Sources close to Raine Group, an American company overseeing the takeover process, says Raine Group have confirmed ‘Sir Jim Ratcliffe is leading the race after he submitted a bid in excess of £5bn.’ (Source; Daily Mail)
This means Ratcliffe is more likely to beat his rival and takeover Manchester United.
The Glazers will reportedly take a decision on the final bids in the next 10 days.