Qatar table last-ditch United bid

Sheikh Jassim lodges late take-it-or-leave-it proposal Sources claim club are valued higher by Ratcliffe’s offer

Qatari banker Sheikh Jassim bin Hamad Al Thani has tabled an improved 11th-hour offer to buy Manchester United under take-itor-leave-it terms to the Glazers’ bankers.

In a dramatic late development in the takeover saga, the improved bid was made to New York-based Raine yesterday morning, outside the formalised bidding timeline.

It comes after leaks that his previous offer fell short of Sir Jim Ratcliffe’s rival valuation of the club in the wake of a third deadline for bids that were submitted 2½ weeks ago.

A source close to talks told Telegraph Sport that Sheikh Jassim’s increased bid remained for a 100 per cent purchase of the club. Included in the new terms is a fresh pledge to clear all of United’s existing debts and to set up a separate fund directed solely at the club and community. It is thought those additional funds will be earmarked in part for redevelopment of Old Trafford, which has been badly neglected by the Glazers, and the Carrington training ground.

Having seemingly lost ground to Ratcliffe, it is thought the Qataris are hoping their late play will allow them to claw back some initiative in what has been a turbulent, drawnout process. However, the late bid may lessen the likelihood of United being in a position to announce a preferred bidder this week.

Given Ratcliffe’s rival offer remains limited to a maximum purchase of 69 per cent shareholding, other sources close to talks said his overall valuation of the club was likely to remain slightly higher than that of the Qatari group.

After the third-round deadline passed on April 28, Ratcliffe was said to have come closest to reaching the Glazers’ £6 billion valuation.

In addition to Ratcliffe’s offer to buy the Glazers’ 69 per cent shareholding, the billionaire founder of the petrochemicals giant Ineos made a proposal to take a 50.1 per cent share for about $3billion that would allow the Glazers to retain a minority stake for three years before being automatically forced out.