Sir Jim Ratcliffe plans to invest £1.3bn to acquire a 25% share of the club. Sheikh Jassim had reportedly increased his offer for Man Utd in June, but the Glazers were not satisfied as it exceeded the club’s $3.3bn valuation on the New York Stock Exchange.
Sir Jim Ratcliffe will buy a 25% stake in Manchester United for £1.3bn. Sheikh Jassim bin Hamad al Thani has withdrawn from the bidding process.
Sheikh Jassim made a £5bn bid for United, the only bid for 100% of the club.
The Qatari’s offer to buy Manchester United was not enough for the Glazers, who have owned the club since 2005. As a result, Sheikh Jassim has decided to withdraw from the process.
Ratcliffe, a long-time fan of the club, has proposed purchasing approximately 25% of the team. The deal is set to be discussed at an upcoming United board meeting.
INEOS, led by Ratcliffe, is set to take control of 25% of Manchester United’s football operations. This deal could potentially lead to a phased takeover of the club.
The billionaire wanted to buy the majority of the shares from the Glazers, who own a large stake in the petrochemicals industry.
Sky News discovered recently that Sir Jim’s Ineos Sports company made a proposal to the Glazer family, who currently control the business, suggesting that they sell a portion of their shares both privately and on the New York Stock Exchange (NYSE), with an equal split.
That offer would entail making an offer at the same price for both sets of shares.
Sheikh Jassim attempted to purchase the club outright. He submitted his final bid in June to finalize the deal. His initial bid for the club was made in February.
Sheikh Jassim’s team considered withdrawing in May due to a lack of progress since their final offer in April.
In June, Sheikh Jassim made a higher offer for the club, but the Glazers were not satisfied with it, even though it was more than the club’s value of $3.3 billion on the New York Stock Exchange.
The parties have different opinions about the value, which could bring Sheikh Jassim back into the ongoing process. At the same time, protests against the Glazers are still happening.
The fans are really upset with the team’s performance this season. United has lost four out of their first eight Premier League matches and is currently ranked 10th in the table.
Erik ten Hag’s team has not won any of their Champions League group games in the 2023-24 season so far.
Sheikh Jassim offered to buy United for a record-breaking sum of £200m more than the previous highest sports team purchase. However, his offer still fell short of the Glazers’ valuation of the club at around £6bn.
The Manchester United Supporters’ Trust wants the Glazer family to clarify their position.
“We hope this news accelerates that process rather than delays it,” a statement said following Sheikh Jassim’s withdrawal. “Based on the last 11 months, no-one can be quite sure.”
United need money to improve Old Trafford and win the Premier League again. Last time they won was in 2013.
The Glazers bought Manchester United in 2005 and have owned the club for 18 years. During their ownership, there have been protests and the team has struggled to win trophies since the retirement of Sir Alex Ferguson in 2013.
Manchester United won their first trophy in six years by defeating Newcastle United in the Carabao Cup final in February.
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