I covered this earlier in the thread — but it looks like a takeover would be made through a merger.
That means that the board of Manchester United plc agree to merge with a company wholly owned by the buyer and as merger consideration, the shareholders of Manchester United plc get 100% cash. Such takeover offer must be approved by the shareholders of Manchester United plc — but the Glazer’s control that vote.
As a consequence, Manchester United plc would of course delist its shares after the takeover.
But I remember the drama that happened after Elon Musk declared his intentions to buy and delist Twitter.
Even a merger with delisting will have to meet certain standards of financial regulation and transparency for the shareholders.
In my opinion that's why buying MUF is different from buying a private company like Manchester City Football Club Ltd where such high regulatory standards may not apply.
And tbh, I cannot imagine that any of the Arabs are willing to meet those standards. I also cannot imagine that there will be a way for them to outflank those regulations (as they use to do with bribery) because the UK would lose its credibility as financial centre if this was tolerated by the regulatory authorities.
So my guess is that the next owner will be an American global asset management firm like Oaktree who are specialized in alternative investment strategies and undervalued assets. Even more as the British pound is relatively cheap compared to the USD.