Sir Jim Ratcliffe is close to agreeing a deal to buy 25% of Manchester United after Qatari businessman Sheikh Jassim bin Hamad Al Thani withdrew from the bidding process. .
Sheikh Jassim’s offer, which valued United at more than £5bn, was thought to be the club’s only 100 per cent bid.
However, it is understood that Qatar’s valuation was not high enough for the Glazer family, who have owned United since 2005, so Sheikh Jassim withdrew from the process.
Another proposal, which would see petrochemical billionaire Sir Jim, who has been a fan of the club since he was a child, buy around 25 per cent of the club’s shares, now appears close to being agreed.
Sky News reported last month that Sir Jim’s Ineos Sports Cars had signed a deal with the Glaser family, which controls the company, to acquire an equal share of both the company’s shares and its publicly traded shares on the New York Stock Exchange (NYSE). I learned that you proposed.
This offer requires you to make an offer for both sets of shares at the same price.
Sheikh Jassim wants to take over the club outright and launched what his party described as its fifth and final bid in June to get the deal over the line.
The first Qatari bid for the club was made in February.
Sheikh Jassim’s bid team floated the possibility of withdrawing in May after the Glazers made no progress since making the final offer they requested in April.
Sheikh Jassim is understood to have upped his offer in June, but it was not satisfactory to the Glazers, even though it was well above the club’s $3.3 billion valuation on the New York Stock Exchange. Ta.
As protests against the Glazer family continue, the difference between the two parties is over the valuation, and there remains the possibility that Sheikh Jassim may be dragged back into the protracted process.
Anger towards the owners is simmering and growing as United start the season with four defeats in their opening eight Premier League games and sit 10th in the table.
Coach Erik ten Hag’s side have lost every Champions League group game so far in the 2023-24 season.
Sheikh Jassim’s offer would have given United at least £200m more than the NFL team’s deal to buy the Washington Commanders, making them the most expensive sports team in history, but the Glazers’ own club valuation would still be around £60m. It was said to be less than 1 billion pounds. It was reported earlier this year.
Manchester United Supporters Trust (MUST) has called on the Glazer family to “make their position clear”.
“We hope that this news will accelerate rather than slow down that process,” the statement said following Sheikh Jassim’s resignation. “Based on the past 11 months, no one can be exactly sure.”
United need investment to renovate Old Trafford and win the Premier League for the first time since their record 20th league title in 2013.
The Glazers have owned Manchester United since buying the club for just under £800m in 2005, but their 18-year tenure was also dominated by the club’s former manager Sir Alex Ferguson. Since his retirement in 2013, there have been protests and a notable lack of trophies.
The Red Devils defeated Newcastle United in the Carabao Cup final in February to win their first trophy in six years.
Glazers “would rather sign Ratcliffe”
Kaveh Solhekor explains what Sheikh Jassim’s resignation means for Manchester United takeover
Sky Sports News Chief Correspondent Kaveh Solhekol:
“We can confirm that Sheikh Jassim of Qatar has withdrawn from the process.
Sheikh Jassim has withdrawn from the Manchester United sale process, with the Glazers reportedly hoping to strike a deal with Sir Jim Ratcliffe, who has offered to buy an initial 25% stake in Manchester United. .
“Reading between the lines, as far as the football side of Manchester United is concerned, they are going to be disappointed.
“I know, for example, that people close to Erik ten Hag were looking forward to the takeover of Manchester United by Sheikh Jassim. We were looking forward to the fact that we were prepared to liquidate the Glazer family when they bought Manchester United 18 years ago.
“He was looking forward to the fact that he would be able to spend more money in the transfer market, he was looking forward to the fact that Old Trafford would be redeveloped and he would be able to spend more money on the redevelopment of Carrington, the training ground. ” In the same way.
“However, the owners, the Glazer family, have proposed buying a 25 per cent stake in Manchester United and are considering acquiring all of the Glazer’s Manchester United shares in the future. The club has decided to choose to do business with Sir Jim Ratcliffe and his Ineos Group.
“But this is just uncertainty and it just leaves Manchester United even more in limbo.
“I think it’s good news for Liverpool fans, Manchester City supporters, Arsenal supporters, Chelsea supporters. This just means more uncertainty for Manchester United. The Glazers are not going to leave.”
Ratcliffe deal “still leaves Glazers with overall control”
Sky News sports correspondent Rob Harris:
“Sir Jim is well versed in the world of sport, owns Nice in France and is also invested in competitive cycling.
“It would lead to new investment in the club, but it would not deliver what many fans want.” [in terms of] Owner change after a long time. Anger only grew throughout the Glazers’ reign.
“We have heard from Manchester United Supporters Trust that the club is in desperate need of new ownership and that they hope this news will speed up the process rather than slow it down.
“However, many fans expected Sheikh Jassim to usher in a new era with 100 per cent control of the club. Even if Sir Jim Ratcliffe invested in the club, the Glazers would still have overall control. will be held.”
“There will be confusion about what happens next.”
United We Stand Editor Andy Mitten:
“It’s been 11 months since the strategic review was announced and Manchester United fans have become very frustrated with the lack of news and communication from the Glazer family, so this is some news.”
“I think they have used up all the goodwill from the Manchester United fans. You would have seen persistent protests against the Glazer family at almost every Manchester United game.”
“Manchester United fans will have mixed feelings, some will be disappointed and others will be happy that Qatar’s bid is unlikely to be successful.
“I think there’s confusion about what happens next. Does this mean the end of the Glazer family? It doesn’t seem like that in the short term.
“Does that mean Jim Ratcliffe and his Ineos bid will move forward with Man Utd taking control? Many fans believe that would be better than leaving the Glazers in charge. I’ll think about it.
“Manchester United needs money to redevelop Old Trafford. The club needs a new direction and the fans are unanimous on that.”
“The fans are dissatisfied. People within the club are dissatisfied as well, and there are 1,000 people working at Manchester United. They also want clarity about their future.”