- March 9, 2023
Raine Group Left Surprised After Financial Details of Manchester United Takeover Get Leaked
Manchester United (Twitter)
Raine Group, who are overseeing the acquisition, had requested the bidders to keep specific financial details confidential and urged the interested parties to not reveal details such as the proposed structure and value of offers, but were shocked to learn about the sheer volume of information circulated in the public domain following the leak
Sir Jim Ratcliffe’s INEOS and a Qatari consortium fronted by Sheikh Jassim bin Hamad Al Thani are the two known bidders who want to buy Manchester United. It has also been reported that a third unnamed US-based bidder has joined the fray to purchase the Premier League outfit.
Ahead of the next stage of the process to buy the club, a major development seems to have rocked the potential takeover. It is being learnt that Ratcliffe and the Qataris have ignored certain requests made by Raine Group.
A report published by Football Insider claims that Raine Group, who are overseeing the acquisition, had requested the bidders to keep specific financial details confidential. The report states that the potential takeover groups or those acting on their behalf, have violated these regulations. Raine Group had urged the interested parties to not reveal key details, such as the proposed structure and value of offers.
The article also suggests that Raine Group would have never expected that a high-profile deal of this stature would materialise without leaks. One source told the outlet that the volume of information circulated in the public domain has stunned Raine Group.
Glazer family’s plans to close a Manchester United deal by the end of March were halted last week because of indecision of the owners. It has been understood that the Manchester United owners wanted to receive higher bids than the ones submitted by the interested groups.
The Glazers had bought Manchester United back in 2005. But the American owners have been brutally criticised by Manchester United fans and supporters in recent times for loading the club with a hefty debt. Glazers had announced in November last year that they intend to explore suitable options to sell the club.
Another report published by Sky Sports claims that Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe, along with a third unnamed bidder, will be meeting the Raine Group later this month at Old Trafford.
Coming back to on-field developments, Manchester United ended their six-year trophy drought after winning the Carabao Cup in February. In the Premier League standings, Erik ten Hag’s men are placed in third position with 49 points from 25 matches. The Red Devils, in their next assignment, will face Real Betis in the first leg of the Europa League round-of-16 tie on Friday.
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