It has been 142 days since the Glazer family announced they were considering selling Manchester United. The process has been drawn out, as expected for a potential £6bn transaction, and on Wednesday a vocal bidder withdrew after the Glazers’ decision to proceed to a third round of bidding. Thomas Zilliacus, a Finnish entrepreneur, expressed his displeasure with the situation, stating that the Glazers were “giving no respect to the club”. His involvement has not been taken seriously by those involved in the process, but his words have resonated with many, who are now wondering what is going on.
The reason for the third round of bidding is either no bidder has reached the price the Glazer family are looking for, or they believe they can get more out of those who have bid. It is unclear whether the Glazers are unified in their analysis of the situation, as co-chairmen and brothers Joel and Avram have always been more invested in the club than the other directors; Bryan, Kevin, Edward and Darcie.
The only publicly known bidders are Qatari billionaire Sheikh Jassim and Sir Jim Ratcliffe’s Ineos group. Sheikh Jassim wants to buy 100% of United, while Ineos want the Glazer family’s 69% shareholding and are content to leave the rest of the club on the New York Stock Exchange. Elliott Investment Group have revised their involvement from merely offering funding to being prepared to buy a minority stake, however they have not specified how large a ‘minority’ they are willing to purchase.
It is expected that the deal will be done before the start of next season, although there is no set deadline for it. Initially, it was thought that a sale would be completed by the end of March, however this deadline has now passed. There is barely five weeks from what is believed to be the deadline for third offers and the end of the season, which does not leave much time.
This uncertainty has caused concern for manager Erik Ten Hag, as he knows he needs to improve his squad this summer and the players he wants will cost a lot of money. United are desperate for a striker, such as Borussia Dortmund and England midfielder Jude Bellingham who would command in excess of £100m, or a cheaper alternative such as Marcel Sabitzer currently on loan from Bayern Munich. Ten Hag needs to know if he could sign England skipper Harry Kane or Napoli’s Victor Osimhen, plus an elite midfielder, or if he must set his sights lower.
The feeling among Man Utd fan groups is divided; some want Sheikh Jassim, others want Ineos, and others would prefer the club to run itself through its own revenue. What they all seem to agree on is that the Glazers need to leave. Former United captain Gary Neville recently said on social media that the Glazers were “making it up as they go along” and need to get out “by the end of May”. Many fans would argue even that would be too long.
United missed out on hosting Euro 2028 games because it could not guarantee Old Trafford would be ready in time; this is likely due to prevarication around improving the stadium which is estimated to cost £1bn. The ball remains in the Glazers’ court; the next bids are believed to be due by the end of this month, then it is back to the Glazers to decide on the next steps. All parties are aware that the family could decide not to sell; however if they do not do so now, when could they? If Sheikh Jassim does not complete a deal, could another Qatari attempt to buy into a different Premier League club be successful? This would make it even harder for United to compete for trophies – and cost the Glazer family even more.