Extended deadline for second offers

MANCHESTER, England (AP) — Bidders trying to buy Manchester United have been given more time to submit second offers for the iconic soccer team.

The deadline for the latest round of bids was set for 9 pm on Wednesday, but US commercial bank Raine has agreed to an unspecified extension to allow interested parties to refine their proposals.

A person with knowledge of the process confirmed the extension. The person spoke on condition of anonymity because she was not authorized to comment publicly.

Sheikh Jassim bin Hamad Al Thani has outlined his intention to make a second offer for United and British billionaire Jim Ratcliffe is also expected to make a bid. Both submitted indicative offers last month.

Sheikh Jassim, president of Qatar Islamic Bank, has said he wants to return the club to the pinnacle of the sport if it succeeds in buying out the current owners, the Glazer family.

His latest offer will be made to Raine, another person with knowledge of the process said. The person also spoke on condition of anonymity because she was not authorized to comment publicly.

United is expected to become the most expensive sports team in history, with an estimated price tag of up to $6 billion.

Sheikh Jassim and Ratcliffe are the only contenders to have publicly declared their intention to buy the 20-time English league champions.

Sheikh Jassim, the son of a former Qatari prime minister, sent a delegation to Manchester last week to meet United executives.

Ratcliffe, owner of petrochemical giant INEOS, also met with United last week.

Sheikh Jassim is said to be confident of his offer to buy 100% of the club and plans to invest in the stadium, training ground and playing equipment.

Ratcliffe has spoken of his intention to take a “fan-centric” approach to ownership, adding that he is focused on United winning the Champions League for the first time since 2008.

You are bidding for majority ownership.

Last year, Raine managed the sale of Chelsea to Todd Boehly and Clearlake Capital for around $3 billion. The Denver Broncos were also sold last year to Walmart heir Rob Walton and his daughter and son-in-law for a record $4.65 billion.

The Glazers announced in November that they were exploring “strategic alternatives.” It is not certain that they will give up full control of the club that they have owned since 2005, with a minority investment also as a possibility.

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