The Qatari group led by Sheikh Jassim Bin Hamad J.J. Al Thani is increasingly confident it’s won the bidding war for Manchester United Plc, thwarting a rival offer from British billionaire Jim Ratcliffe as the sale of the football club extends into the crucial summer months.
The transaction has been beset with delays, with bids failing to meet expectations of the selling Glazer family, splits among the owners about whether to sell, and fears of litigation from minority shareholders, people with knowledge of the matter said.
Those within the inner circle of the Qatari bid have now begun communicating their confidence of victory and believe it’s just a matter of time before an official announcement is made, according to the people.
But with the official sale process heading into its eighth month, the Glazers could make a last-minute decision to keep hold of the English Premier League club, accepting funds from an outside investor to renovate the club’s dilapidated stadium and training facilities, one of the people said. They asked not to be identified discussing confidential information.
Spokespeople for the Qatari group and Manchester United declined to comment. A representative for Raine Group, the New York-based bank advising Manchester United’s owners, didn’t respond to a request for comment. Manchester United shares rose as much as 8.3% on Wednesday in New York, and are up about 90% since the Glazers began their strategic review.
The sale of Manchester United has pitted grand alliances of wealth and Wall Street against each other in a battle to own one of the world’s best-known sporting assets. Ratcliffe has lined up financing from banks including Goldman Sachs Group Inc., while JPMorgan Chase & Co., Rothschild & Co., and Bank of America Corp. are among other banks advising or offering capital on a deal.
Billionaire Paul Singer’s Elliott Management has also proposed to help finance bids for the club, competing with rival investors including Carlyle Group Inc., Sixth Street Partners, and Ares Management Corp.
While almost every bidder has been touted as leading the race at some stage, Ratcliffe has been seen as favorite for much of the time. His plans include keeping on Joel and Avram Glazer as minority shareholders, the people said.
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