Both British businessman Jim Ratcliffe and Qatari banker Prince Jassim Bin Hamad Al Thani have competing offers on the table.
According to reports, there are a number of other organizations whose interest in United has stayed unreported during a bidding battle that has been more competitive this week.
According to reports, Elliott Investment Management advanced to the next phase of the process, however, the company is purportedly giving cash to United’s owners, the Glazer family, rather than a takeover.
On Wednesday at 2100 GMT, anyone interested in purchasing United must submit their bid to Raine, the merchant bank hired to help the team.
It is anticipated that at least six bids—possibly as many as eight—will be made, including ones for both complete control and smaller interests in United.
The Glazers are said to have valued the club they acquired for £750 million in a heavily leveraged deal in 2005 at £6 billion ($7.3 billion).
Last month, the earliest bids for United were estimated to be around £4.5 billion.
That would eclipse the £4.25 billion Premier League record paid for by Chelsea by a consortium led by Todd Boehly, an American, last year.
According to reports, Sheikh Jassim is prepared to submit a second indicative proposal before the deadline.
Although the bidding war for one of football’s most storied teams intensifies, INEOS chemical firm founder Ratcliffe, a lifelong United supporter, has been more reserved in his judgment of the process. He has insisted he will not pay a “stupid” amount.
“How do you determine a painting’s cost? How do you determine a house’s price? It has nothing to do with the expense of construction or painting, Ratcliffe said this week to the Wall Street Journal.
“Paying foolish prices for products is something you should avoid doing since you’ll later regret it,” she said.
Ratcliffe described United as a “community asset” and stated that his interest in the team will be “pure in winning things.” Ratcliffe already owns the Swiss team Lausanne-Sport and the French club Nice.
When a delegation from Sheikh Jassim’s group visited Old Trafford and the team’s Carrington training facility to conduct additional interviews as part of their due diligence, Ratcliffe and INEOS representatives paid a visit to United last Friday.
The club’s debt will be paid off, according to Sheikh Jassim.
Ratcliffe hopes to acquire 69 percent of the Glazer family’s stock, though he might team up with another bidder to acquire full ownership of the 20-time English champions.
If the Glazers don’t get their asking price, it’s still possible they won’t sell, which would anger a sizable portion of United’s fan base who have protested the unpopular American owners for much of their reign.
The consortiums who submit better offers should hear from United the following week, and there is still time for another round of bidding.
If one group’s bid is significantly higher than the others, they might be picked to join an exclusivity period, which would involve additional negotiations before a final sale.
According to reports, the Glazers want that any potential sales to be completed before the summer so that the new owners have time to settle in before the crucial close-season transfer window.
Three-time European champions United haven’t claimed the Premier League crown since former manager Alex Ferguson guided them to victory in his final campaign before quitting in 2013.
The team is experiencing a comeback this year under the leadership of Erik ten Hag, who led them to their first major trophy in six years by defeating Newcastle in the League Cup final in February.
Moreover, Ten Hag’s group is third in the Premier League and will play Brighton in the FA Cup final.