Sir Jim Ratcliffe has somewhat defied the odds by beating Qatari royal Sheikh Jassim bin Hamad Al Thani in the Manchester United takeover race. The INEOS chief quite literally put in the hard yards to ensure his bid was successful almost a year after the Glazers announced a strategic review at Old Trafford, according to reports.
On Saturday, Sheikh Jassim blew the United sale process wide open by withdrawing his £5billion offer for 100 per cent of the football club.
He simply wasn’t prepared to meet the Glazers’ lofty £6bn valuation and was out-manoeuvred by British billionaire Ratcliffe.
According to the Mail, Ratcliffe’s INEOS team made a good impression when United hosted the two leading bidders at Old Trafford and Carrington in March.
Ratcliffe was present, and his party reportedly impressed club figures by asking the right questions and showing transparency about what they could and couldn’t do financially.
Sheikh Jassim wasn’t, sending representatives from his newly set-up Nine Two Foundation instead.
Ratcliffe’s hands-on approach continued throughout the 11-month-long process, regularly flying to New York for face-to-face talks with the Glazers and the Raine Group, the US investment firm tasked with securing a deal.
The report claims that the INEOS team restructured their bid for the Glazers’ 67 per cent stake in United as a result of discussions in New York.
Ratcliffe ultimately bid £1.4bn for 25 per cent of United – 12.5 per cent A class shares and 12.5 per cent B class.
It valued United higher than Sheikh Jassim, who walked away after it became clear that Ratcliffe had produced an approach he wasn’t willing to match.
Ratcliffe, who turns 71 on Wednesday, will reportedly inherit total sporting control as one of the conditions for paying a premium for a chunk of the Glazers’ stake.
And his 25 per cent stake will mean he has more voting power than any of the six Glazer siblings on the United board, firmly putting his foot in the door for a phased majority takeover.
