As the initial deadline was extended at their request amid misunderstanding on Wednesday night, neos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim will submit improved offers to purchase Manchester United.
A deadline of 21:00 GMT was given to bidders to submit second, amended proposals.
BBC Sport has been informed that a number of other potential investors reached the first deadline.
The exact date of the new deadline is unknown.
Only Ratcliffe and Sheikh Jassim have publicly proclaimed themselves as bidders.
Early signs on Wednesday night were very strong that the pair had made new proposals.
It is now known that both parties asked Raine, the investment bank handling the sale, for an extension of time during the previous 24 hours so they could submit their second offers.
Someone close to the negotiations described the situation as “live and fast moving,” although it is believed that Sheikh Jassim and Ineos are both committed to making second offers.
The strange turn in the sale process, however, will further amplify worries among some supporters that American owners the Glazer family may decide to keep the club.
The combined Glazer stake of roughly 69% is what Ineos wants to purchase, while the Qataris want to own 100% of the club.
Early in March, both parties had meetings with United authorities.
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Throughout a 10-day span of high-level discussions, United officials met with eight possible investors, including Ratcliffe and Sheikh Jassim’s agents, according to BBC Sport.
Their first offers, which were reportedly both in the range of £4.5 billion, have not been made public, but they were unquestionably much lower than the Glazers’ established value of £5–6 billion, which would surpass the previous record of £3.71 billion paid for a sports franchise.
The next crucial question is whether they, or any other potential bidders, can make a proposal that convinces the Glazers to sell.
If not, and with United’s performance under manager Erik ten Hag having dramatically improved recently, the Americans may still decide to keep the team and possibly attempt to sell a minority ownership to companies like US hedge fund Elliott Investment Management.
In November, the Glazer family revealed that they were thinking about selling United.
Prince Jassim’s Qatari consortium said in a statement that its initial offer “plans to restore the club to its previous glories.”
Sheikh Jassim, the chairman of Qatari bank QIB and the son of a previous Qatari prime minister, is said to have been a lifelong supporter of Manchester United.
The 70-year-old British billionaire Ratcliffe owns the Ineos firm, which has a history of investing in sports and is the owner of the Swiss club Lausanne and French Ligue 1 team Nice.
In addition, it has a five-year collaboration with the Formula 1 team Mercedes and a high-profile sailing team commanded by Sir Ben Ainslie. In 2019, it also acquired the British cycling club Team Sky.
When the first bid was made, it was anticipated that its proposal would emphasize the fact that Ratcliffe, a native of Manchester, would serve as “a British custodian for the club” and would work to “bring the Manchester back into Manchester United.”
Sir Jim Ratcliffe and Sheikh Jassim will submit additional proposals for the Man Utd purchase as the deadline is extended amid misunderstanding.
As the initial deadline was extended at their request amid misunderstanding on Wednesday night, neos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim will submit improved offers to purchase Manchester United.
A deadline of 21:00 GMT was given to bidders to submit second, amended proposals.
BBC Sport has been informed that a number of other potential investors reached the first deadline.
The exact date of the new deadline is unknown.
Only Ratcliffe and Sheikh Jassim have publicly proclaimed themselves as bidders.
Early signs on Wednesday night were very strong that the pair had made new proposals.
It is now known that both parties asked Raine, the investment bank handling the sale, for an extension of time during the previous 24 hours so they could submit their second offers.
Someone close to the negotiations described the situation as “live and fast moving,” although it is believed that Sheikh Jassim and Ineos are both committed to making second offers.
The strange turn in the sale process, however, will further amplify worries among some supporters that American owners the Glazer family may decide to keep the club.
The combined Glazer stake of roughly 69% is what Ineos wants to purchase, while the Qataris want to own 100% of the club.
Early in March, both parties had meetings with United authorities.
most recent Manchester United news, opinion, and analysis
Get Man Utd news alerts.
the most recent episode of The Devils’ Advocate podcast
Throughout a 10-day span of high-level discussions, United officials met with eight possible investors, including Ratcliffe and Sheikh Jassim’s agents, according to BBC Sport.
Their first offers, which were reportedly both in the range of £4.5 billion, have not been made public, but they were unquestionably much lower than the Glazers’ established value of £5–6 billion, which would surpass the previous record of £3.71 billion paid for a sports franchise.
The next crucial question is whether they, or any other potential bidders, can make a proposal that convinces the Glazers to sell.
If not, and with United’s performance under manager Erik ten Hag having dramatically improved recently, the Americans may still decide to keep the team and possibly attempt to sell a minority ownership to companies like US hedge fund Elliott Investment Management.
In November, the Glazer family revealed that they were thinking about selling United.
Prince Jassim’s Qatari consortium said in a statement that its initial offer “plans to restore the club to its previous glories.”
Sheikh Jassim, the chairman of Qatari bank QIB and the son of a previous Qatari prime minister, is said to have been a lifelong supporter of Manchester United.
The 70-year-old British billionaire Ratcliffe owns the Ineos firm, which has a history of investing in sports and is the owner of the Swiss club Lausanne and French Ligue 1 team Nice.
In addition, it has a five-year collaboration with the Formula 1 team Mercedes and a high-profile sailing team commanded by Sir Ben Ainslie. In 2019, it also acquired the British cycling club Team Sky.
When the first bid was made, it was anticipated that its proposal would emphasize the fact that Ratcliffe, a native of Manchester, would serve as “a British custodian for the club” and would work to “bring the Manchester back into Manchester United.”
