Ineos owner Sir Jim Ratcliffe is set to complete a deal with the Glazers for a 25 per cent stake in Manchester United following the withdrawal of his main rival, Sheikh Jassim bin Hamad al-Thani, from the bidding race. Sheikh Jassim pulled out of the running after a fresh round of talks failed to catch fire. But new reports suggest he did everything he could to become United’s new owner.
According to the Times, Sheikh Jassim held desperate last-gasp talks with the Glazers but again his offer fell short of their staggering £6billion valuation for 100 per cent ownership of the club. Sheikh Jassim presented a bid for 100 per cent of the club that would clear all of United’s old debt.
But the Glazers wanted more money leading to the Qatari’s pulling the plug on negotitations. Ratcliffe is close to securing a quarter of the club which will mean the Glazers maintain a majority share until Ratcliffe can find the funds to buy out the rest of their stakes.
Ratcliffe’s Ineo team will control the football operations of Man Utd providing the deal is approved this week while the Glazers will head up the commercial side. Ineos have submitted a bid between £1.1b and £1.3b for A and B shares.
While much of the discussion has surrounded the expansion and upgrade of Old Trafford, Ineos believes that the priority is to improve results on the pitch first and foremost. Ratcliffe had several initial bids knocked back but has since returned to the drawing board and come back with a proposal that better fits the Glazers’ financial expectations.
Sir Jim outlined the complications that had arisen during takeover talks during his new book Grit, Rigour & Humour: The Ineos Story. The British billionaire explained that it had become difficult to strike up a deal due to the differing opinions among each of the siblings on whether or not to sell the club.
“They [Avram, Joel, Kevin, Bryan, Darcie and Edward, children of the late Malcolm Glazer] are all very nice, despite the press they get,” he wrote. “But the club is owned equally by siblings and you can’t talk to that many siblings, really.”
It is understood that Ratcliffe had initially looked to buy 67 per cent of the club but eventually decided that 25 per cent was more feasible given the Glazer’s extortionate asking price which is nearly double United’s actual market value.
