Manchester United suitors jostle for biggest sports deal ever

LONDON: Manchester United will receive multiple offers when an initial deadline for bids expires on Friday, sources familiar with the process said, kicking off potentially the largest sports deal ever.

British billionaire Jim Ratcliffe, a life-long supporter and founder of chemicals group INEOS, is one likely bidder, along with US private equity firms and possibly Qatari investors, the sources said, speaking on condition of anonymity.

However, it is not expected that Twitter owner and Tesla boss Elon Musk will lead any of the offers for the English soccer club, as some media reports had speculated, one of them added.

Manchester United, INEOS, Tesla and Musk did not reply to requests for comment.

Suitors have been asked to submit a bid amount and proof of funds by Friday, the sources said. Raine Group, the investment bank running the process, will then draw up a shortlist.

Raine Group did not reply to requests for comment.

A deal for the record 13-times English Premier League winners will likely exceed the biggest sports deal so far, the US$5.2 billion - including debt and investments - paid for Chelsea, the sources said, as Manchester United generates more revenues and has a larger fan base that its London rival.

The northwest England club has 659 million supporters worldwide, according to market research firm Kantar, equivalent to nearly a tenth of the world's population.

Its current majority owner, the Glazer family, is seeking a valuation as high as £7 billion, sources said.

"For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The rationale is similar to justifying the price paid for a painting," said Andy Currie, UK managing partner at financial