There are major developments in the Manchester United takeover saga, with Sir Jim Ratcliffe set to purchase a stake in the club.
A decision is finally nearing in the drawn out, 11-month long Manchester United takeover saga.
Qatari bidder Sheikh Jassim has withdrawn from the race, report multiple outlets. He was not prepared to increase upon his final offer.
The Guardian report: “Sheikh Jassim bin Hamad al-Thani has informed Manchester United’s owners, the Glazer family, of his withdrawal from the process to buy the club, viewing their valuation as highly unrealistic when compared to a £5bn-plus final offer.”
Sir Jim Ratcliffe set to win race
This has left Sir Jim Ratcliffe as the only serious bidder, and he has downsized his initial offer.
The Times reports Ratcliffe’s latest offer to buy a 25 per cent stake in the club is set to be approved.
The report states this is just the start, adding: “The Sunday Times understands will be the first stage of a full takeover.”
Ratcliffe’s firm Ineos will pay £1.3 billion for a 25 per cent stake, and the decision will be formalised at a board meeting this coming week.
For now, the Glazers will be the largest shareholders at Manchester United. It is believed Ratcliffe’s deal is with a view to eventually buying them out entirely.
A halfway solution
This is not what Manchester United fans wanted. On paper, Sheikh Jassim’s offer was the best one, a 100 per cent purchase of the club, and all the debts wiped out, with the Glazers gone.
Ratcliffe will have to remove perception that he is ‘getting into bed with the Glazers’, and prove he is just getting a foot in the door to eventually push them out.
This will be tricky PR win for Ratcliffe, as publicly, he will have to keep relations sweet with the Glazers.
The full details of what this all means for Manchester United is yet to become clear.
Issues over debt, stadium and training ground reinvestment, and funds for transfers in January and next summer are all topics which Manchester United fans will have questions on.
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