The Manchester United Supporters’ Trust says the two bids made for the club have raised questions about sporting integrity, debt levels and inclusivity.
British billionaire Sir Jim Ratcliffe and his petrochemicals firm Ineos have bid for “majority ownership”.
Sheikh Jassim bin Hamad Al Thani, chairman of one of Qatar’s biggest banks, has also tabled a bid.
MUST has a “clear list” of demands for owners, but add “further considerations arise” with the two official bids.
The Glazer family, who have owned United since 2005, are considering selling the club and a ‘soft deadline’ of Friday was set for proposals.
The American owners confirmed they wanted to “explore strategic alternatives” for the club.
MUST says they want a new owner to invest in the team, wider club, Old Trafford and “ensure financial stability”, adding these principles have been backed by 150 Manchester United fan groups from across the world.
Ineos said it wants to make the 20-time English champions a “beacon for a modern, progressive, fan-centred approach to ownership”.
The Ineos group, owned by 70-year-old British billionaire Ratcliffe, has a history of investment in sport and owns French Ligue 1 club Nice and Swiss Super League club Lausanne.
Described as a life-long Manchester United fan, Sheikh Jassim is chairman of Qatari bank QIB and the son of a former prime minister of Qatar.
Paris St-Germain president Nasser al-Khelaifi is set to be a key figure in any Qatari ownership bid, even if he could have no direct involvement in the club.
The prospect of Qatari investment in a Premier League club – and two major European teams being owned by the Gulf country – has raised concerns among human rights and LGBTQ+ groups.
“There are questions about sporting integrity given the exceptionally close links between some bidders and the owners of other European clubs including PSG and Nice,” said MUST, which is one of the largest supporters’ groups in the world with over 200,000 members.
“There are also questions about whether any bids will also be based on high levels of debt.
“We also note the importance that any owner respects the rights of all people, particularly women and the LGBTQ+ community. Concerns have been raised by other fans groups which we fully support.”
Qatar Sports Investment (QSI), headed by Al-Khelaifi, had been looking at the potential for taking a smaller stake in a Premier League club.
However, because of Uefa rules that prevent prevent multi-club ownership, any Qatari bid to buy United in its entirety would have to come through private individuals or a different organisation.
There are also expected to be at least two offers for United from the United States, while there have been suggestions of interest from Saudi Arabia.
That means there could be up to five parties trying to negotiate a full sale, with others looking to make a smaller investment in return for a partial stake in the Old Trafford club.
“We urge all bidders to open a dialogue with fans groups alongside the bidding process with the club, in order to discuss their proposals including the above issues,” added MUST.
United are third in the Premier League after appointing Erik ten Hag as their new manager last summer, with the Dutchman also leading them to the League Cup final.
MUST added it wants any prospective bidder to “explicitly commit” to backing Ten Hag.
