BREAKING: Sir Jim Ratcliffe Buys 25% Of Manchester United—-Sir Jim Ratcliffe is to complete a deal for 25 per cent of Manchester United – which would see the Glazer family remain at the club – within days, following the withdrawal of Qatari Sheikh Jassim bin Hamad al-Thani from the takeover battle.
The petrochemicals billionaire, a boyhood United fan, has seen off his main rival and his offer, which is viewed as the first step of a gradual takeover, is expected to be ratified at a board meeting in the coming week.
INEOS supremo Ratcliffe had initially lodged a bid for a majority stake in the club. However, with no breakthrough in sight, an adjusted offer for a quarter – believed to be between £1.4 and £1.5bn – has done the trick.
While that figure meets does not meet the £6bn valuation that the Glazers were initially thought to have been seeking it has ultimately proved big enough to get a deal done.
The development brings a saga that has been running for almost a year close to an end. Should Ratcliffe, originally from Failsworth, Oldham, eventually complete his purchase it would see a world record figure for a sports franchise. United’s deeply unpopular US owners announced last November that they were open to investment or a full sale.
In February, Mail Sport broke the story that there was to be a Qatari bid. However, despite offering to clear the debts and pay cash for 100 per cent of the club, the group – fronted by Sheikh Jassim – continually failed to meet the Glazers’ valuation.
An increased offer in April broke the £5bn barrier and those close to the process say further and final discussions and negotiations took place over the last few days which led to another improved bid. But after that offer was rejected the Qatari, son of former prime minister Sheikh Hamad bin Jassim bin Jaber Al Thani pulled the plug.
Those close to the Sheikh say he believed that he would have a ‘dream owner’ and is saddened by how it has played out but refused to pay over the odds. Indeed, there was a view that the asking price was ‘simply unrealistic’.
Sheikh Jassim had also set aside money for improving the infrastructure at United, with more than £1bn needed to modernise Old Trafford and the Carrington training complex.
The group are thought to have set aside close to £7bn for the total project and were ready to inject substantial funds to be spent on transfers in an attempt to restore United to the summit of domestic and European football. Their proposal also included a series of wide-ranging proposals for the local community.
Large sections of United’s fanbase will be angered by the withdrawal. Despite questions over the source of funding and Qatar’s well-reported human rights record, many saw Sheikh Jassim as the only way their club could compete with rivals City and even Newcastle United, thanks to the scale of the Abu Dhabi and Saudi Arabian investment in each.
However, the Qatari bid appeared to suffer issues from the outset. An element of Sheikh Jassim’s opening statement was interpreted as a dig at the Glazers and at one point those involved were warned to keep quiet by Raine Group, the US merchant bank handling the process. And while Ratcliffe’s group have regularly engaged with Raine, at one stage those involved with the Sheikh Jassim bid are understood to have gone directly to the Glazers, in a bold move which is not thought to have done them many favours.
Sections of United’s support have launched a number of protests against the Glazers, who carried out a leveraged buyout in 2005 and who have plunged United into debt. The most recent took place outside the Old Trafford ticket office ahead of the last home match against Brentford. This news may well add fuel to the flames, with many having previously demanded a full sale only and the exit of the Americans.
Those close to the Sheikh say he believed that he would have a ‘dream owner’ and is saddened by how it has played out but refused to pay over the odds. Indeed, there was a view that the asking price was ‘simply unrealistic’.
Sheikh Jassim had also set aside money for improving the infrastructure at United, with more than £1bn needed to modernise Old Trafford and the Carrington training complex.
The group are thought to have set aside close to £7bn for the total project and were ready to inject substantial funds to be spent on transfers in an attempt to restore United to the summit of domestic and European football. Their proposal also included a series of wide-ranging proposals for the local community.
Large sections of United’s fanbase will be angered by the withdrawal. Despite questions over the source of funding and Qatar’s well-reported human rights record, many saw Sheikh Jassim as the only way their club could compete with rivals City and even Newcastle United, thanks to the scale of the Abu Dhabi and Saudi Arabian investment in each.
However, the Qatari bid appeared to suffer issues from the outset. An element of Sheikh Jassim’s opening statement was interpreted as a dig at the Glazers and at one point those involved were warned to keep quiet by Raine Group, the US merchant bank handling the process. And while Ratcliffe’s group have regularly engaged with Raine, at one stage those involved with the Sheikh Jassim bid are understood to have gone directly to the Glazers, in a bold move which is not thought to have done them many favours.
Sections of United’s support have launched a number of protests against the Glazers, who carried out a leveraged buyout in 2005 and who have plunged United into debt. The most recent took place outside the Old Trafford ticket office ahead of the last home match against Brentford. This news may well add fuel to the flames, with many having previously demanded a full sale only and the exit of the Americans.
