Sir Jim Ratcliffe is looking to expedite the Manchester United takeover process by presenting the Glazers with a “restructured” deal, aiming to compel the sale to move forward.
Manchester United has been under the ownership of the unpopular Glazers since their acquisition of the club for £790 million in 2005, a span of over 18 years. Their tenure has been marked by numerous protests from disgruntled fans regarding their management of the club.
However, last November, the Glazers signaled the potential end of their ownership by putting the club up for sale, attracting two prominent bidders.
Sir Jim Ratcliffe, the owner and founder of INEOS, proposed an estimated £5.5 billion package that would allow the Glazers to maintain a minority stake in the club.
His main competitor, widely seen as the leading candidate to take over, Sheikh Jassim, offered a package valued at around £6 billion. With substantial Qatari backing, their proposal promised to eliminate United’s debts, which were estimated to be around £500 million, and make significant investments in both the playing squad and Old Trafford stadium.
As a result, a report in June suggested that Sheikh Jassim’s bid was on the verge of being declared the winner, with plans for five high-profile transfers to arrive at United during the summer.
However, that outcome did not materialize, and reports indicating that United had been removed from the market entirely frustrated a significant portion of their fanbase. In fact, Gary Neville expressed his frustration by publicly criticizing the Glazers for their detrimental management of the club and their perceived hindrance to United’s ambition.
With the takeover process seemingly postponed until late October or early November, fans may feel it’s like chasing a rainbow’s end.
Nevertheless, in an effort to prompt the Glazers into action and potentially outmaneuver his rival Sheikh Jassim, Bloomberg reports that Ratcliffe has submitted a new proposal to jumpstart his takeover bid.
While the exact details of this revised offer are undisclosed, it is believed that Ratcliffe’s new proposal will bring his offer closer to the £6 billion mark.
The hope is that the Glazers will now feel compelled to accept his offer, leaving them little choice in the matter.
Discussing his interest in United, a club he has supported since childhood, Sir Jim provided a rare interview to discuss the ongoing saga. He told INEOS.TV: “Acquiring a brand like Manchester United would have been unthinkable two or three years ago if we hadn’t had some challenging experiences with Lausanne and Nice.”
He continued: “You can’t entertain the idea of acquiring a brand as significant as Manchester United and failing, as the failure would be too public and excruciating in a deal of this magnitude.”
According to reports, Ratcliffe is collaborating with his advisors and the Raine Group, appointed by the Glazers to oversee the takeover, to address any concerns related to his previous offers.
With renewed hopes of a takeover, United’s share price on the New York Stock Exchange (NYSE) rose to $19.36 by the end of trading on Monday afternoon.
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