BREAKING: SIR JIM RATCLIFFE AGREES TO BUY 25% OF MAN UNITED AS SHEIKH JASSIM WITHDRAWS
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Sir Jim Ratcliffe is set 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, it was reported 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.
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