Man United bidders 'asked to clarify source of their wealth and state'

Manchester United have reportedly asked bidders for the club to clarify the source of their wealth and explain who would be the ultimate owner ahead of the latest deadline for bids this Friday.

The process to take control of United continues, with the club originally being put up for sale back in November.

British billionaire Sir Jim Ratcliffe and Qatari royal Sheikh Jassim bin Hamad Al Thani remain the front-runners in the bidding, which is being overseen by New York based bank Raine Group.

And, according to Bloomberg, Raine have made demands to all bidders, which vary from questions regarding where their wealth originates from, what debts will be secured against the club, along with future financial plans.

This increases the pressure on Ratcliffe and Sheikh Jassim - with the latter's bid coming through a entity he set up especially for the process, called the Nine Two Foundation.

The report goes onto state that Raine have made the pre-emptive move in light of the more stringent ownership tests on the table from the UK government.

Ministers have called for a new independent football regulator to oversee football governance - something the Premier League is opposed to.

Among the jurisdiction of this proposed regulator, it would require owners to outline the source of their wealth, how prepared and able they are to fund clubs, along with several other measures, but these rules are yet to come into force.

An unnamed government official reportedly welcomed these efforts put forward by Raine, but both the club and Sheikh Jassim declined to comment.

Meanwhile, Mail Sport reported on Wednesday that Ratcliffe's bid for Manchester United could see the Glazers keep a stake in the club in a move that would infuriate fans.

One of the options on the table for the American owners would see Ratcliffe take a controlling stake of more than 50 per cent, with the two Glazers retaining a combined 20 per cent.

Should the proposal get the nod it would mean that a connection with the family, whose leveraged buyout in 2005 plunged United into hundreds of millions of debt, continues.

Those close to the process, which is being run by US merchant bank Raine Group, say the prospect may well prove to be the preferred option with the Joel and Avram Glazer – the members of the family most-heavily involved in the running of the club - given an opportunity to stay.

It is thought the final portion currently owned by various investment groups would also remain in place.

However, Ratcliffe's camp declined to comment on this, citing non-disclosure agreements they had signed in the process.

Meanwhile, Qatari Sheikh Jassim bin Hamad Al Thani will present his concluding offer, which is for full control of United. He has no interest in taking a partial stake.

He is viewed as having the deepest pockets and remains an attractive proposal. A full takeover is also viewed as a 'cleaner' transaction.

It is expected that a preferred bidder will then be selected within days after the deadline on Friday, with the aim to have investment or new owners in place for the next transfer window, which opens in June.

Ahead of this development regarding Ratcliffe, a United supporters group also revealed plans for a protest against the Glazers amid concerns over 'the prolonged nature of takeover talks' after the bidding went into another round and after US investment firms expressed in interest in partial investment.

At Sunday's match with Aston Villa they plan to march from Manchester city centre to Old Trafford under the slogan 'full sale only'.

The group will boycott the first 18 minutes which they say is 'one for every year the Glazers have driven our club to the ground' before entering the stadium.

The Glazers have have been a source of contention at Old Trafford ever since they became majority owners in 2005, facing significant fan anger and backlash. After taking over the club through a leveraged buyout which placed £525million worth of loans onto the brand of United, they have racked up the club's debts to £536m.

Overall, the Glazers have taken more than £1bn out of United in the form of dividends, interests, costs and fees during their 18-year-reign, which has been dominated by a decline in on-pitch performance and success.