Man Utd takeover – news: Sir Jim Ratcliffe and Ineos submit improved bid for club

Sir Jim Ratcliffe and Qatari banker Sheikh Jassim are the frontrunners in takeover from the Glazer family

British billionaire Jim Ratcliffe officially enters race to buy Manchester United from Glazers

Neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline, The Independent understands.

Both parties had until 9pm to submit their offers but have instead asked for an extension, which they were granted. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn.

Ratcliffe’s INEOS group and the bid fronted by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist it emerged the Raine group received neither offer. An extension to the process has been granted, however, and both Ratcliffe and Sheikh Jassim both intend to meet the new deadline.

The Glazers, who bought Manchester United for £790m in 2005 and saddled the club with debt, want around £6bn, which would be a record fee for a football club. Follow all the latest updates on the takeover below:

Manchester United takeover news - latest updates

• Leading Manchester United bidders granted extension after 9pm deadline passes
• Sheikh Jassim and Sir Jim Ratcliffe make dramatic last-minute plea to extend deadline
• Both leading contenders expected to submit new, world-record bids on Thursday
• New bidder enters race to buy Manchester United
• MIGUEL DELANEY: Qatar takeover of Man United would be new low for English football
• Manchester United takeover: Sir Jim Ratcliffe and Ineos submit improved bid

[23 March 2023 08:32 · Luke Baker]

Manchester United takeover: Deadline for bids extended

There was a late twist in the Manchester United takeover saga last night! The Independent now understands that neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline.

Both parties had until 9pm to submit their offers but have instead asked for an extension to the deadline. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn in what is a crucial stage of the takeover process.

Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist that surprised even those close to the process, it emerged the Raine group received neither offer. An extension to the process has been granted, however.