Man U owners tell bidders to submit one paragraph offer by Friday

Manchester United - RichardJuliiart /

The Glazers have told the five groups said to be wanting to buy Manchester United to submit a one-paragraph offer by Friday this coming week.

The family who is seemingly in a hurry to dispose of the club after 18 years are said to have told The Daily Mail that there are five serious bidders and that they needed to submit their offer by Friday.

The deadline is said to be a soft one that is intended to speed things up.

The bidders, who include the Emir of Qatar and the owner of Inios Sir Jim Radcliffe, have been told to summarise their bid and the percentage of the club they wish to buy in a one-paragraph offer. It is understood they will also be required to provide proof that they have the resources to honour their bid.

Raine, the American merchant bank overseeing the process, will reduce the number to two or three serious contenders after reviewing the bids.

The Glazers have valued the club at £6 billion, however, at least one serious contender has already suggested the value to be much lower at around £4.5 billion.

It is thought that Sir Radcliffe is the preferred choice of the club´s faithful with the 70-year-old a lifelong supporter and a local boy. He is said to have the backing of investment banks Goldman Sachs and JP Morgan.

The news that the Man U owners have told bidders to submit a one-paragraph offer by Friday, suggests they are serious sellers looking to do a quick deal that will bring to an end ownership that has not sat well with fans.

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Written by

Peter McLaren-Kennedy

Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]