Jassim Al Thani and Sir. Jim Ratcliffe both failed to submit a second bid to buy Manchester United by the deadline of March 22.
According to reports, the Glazers have set a deadline to accept a second bid for United on Wednesday, March 22.
Al Thani and Ratcliffe representatives said their bids were given to United ahead of time.
However, Sky Sports quoted a source from United as saying the two billionaires just asked for more time to submit the bid.
But, because contenders such as Thani and Ratcliffe did not submit their proposals on time, United opted to extend the deadline for receiving bids.
Both billionaires are rumored to be interested in buying the team. However, United got eight offers from other investors.
Thani and Ratcliffe are considered two bright candidates to own United instead of the Glazer family. The Qatari billionaire’s first offer of £4.5 billion was rejected, but then he still visited Old Trafford and was ready to make a new bid.
Thani has a total fortune of £974.4 million according to Forbes, but he represents the Qatar Public Investment Fund (QIA), which has assets of up to £365.314 billion. He is expected to raise the bid price to £4.952 billion, according to the wishes of US billionaires.
In addition, the son of the former King of Qatar is also willing to pay off all the debt of United, dating from when the Glazer family mortgaged to buy the team in a leveraged fashion.
While Ratcliffe again said that he would not pay unreasonable prices for United, and did not mention repaying the team’s debt. He has long been a fan of the Red Devils, but was also denied the first bid.
Ratcliffe currently has assets of about £18.871 billion, is the chairman of chemical group INEOS – the company has a revenue of nearly £18.871 billion in 2022.
The Glazers bought United for £790 million in 2005, and put the team on the New York Stock Exchange (NYSE) seven years later.
Under Glazer, United won 20 titles, including a Champions League and five Premier Leagues.
