Manchester United have asked the bidders to clarify their respective sources of wealth and who would be the owner after the current deadline on Friday. The club was put on sale in November, and the process is in continuation so far.
Manchester United sale: Who is in the front runner to own the club?
British billionaire Sir Jim Ratcliffe and Qatari royal Sheikh Jassim bin Hamad Al Thani are in the front runners in the bidding, which is being further overseen by bank Raine Group, based out of New York.
As reports suggest, Raine has demanded the bidders to provide a clarification on their wealth source, and what debts will be secured against Manchester United, including future financial plans.
This puts pressure on Ratcliff and Sheikh Jassim as the latter’s bid is originating from an entity created especially for the process, named Nine Two Foundation.
The report also suggests the move from Raine is in light of the more stringent ownership tests on the table from the UK government.
Ministers have asked for a new independent football regulator to oversee football governance: a thing that the Premier League is contradicted.
Given the jurisdiction of the proposed regulator, the owners would need to outline their source of wealth, how set, they are to fund clubs including various other measures. However, these rules are yet to come into force.
Who welcomed these efforts?
These efforts put forward by Raine, are reportedly welcomed by an unnamed government official. Both the club and Sheikh Jasmine have denied commenting anything.
Meanwhile, a report on Wednesday suggested that Ratcliffe’s bid for Manchester United could see the Glazers keeping a stake in the club in a move which could enrage the fans.