By Samuel A. October 15, 2023
Sir Jim Ratcliffe will pay £1.3bn for 25% of Manchester United after Qatari businessman Sheikh Jassim withdrew from the bidding process. Sheikh Jassim’s offer, which valued United at more than $8 billion, was believed to be the only bid for 100 per cent of the club, the Qatari’s bid was insufficient for the Glazers, who have owned United since 2005 – so Sheikh Jassim withdrew from the process.
The other proposal is to buy around 25% of the club by Ratcliffe, who has been said to be a fan of the club since childhood, with the deal needing to be agreed at a United board meeting later this week.
Ratcliffe and his company INEOS are expected to run Manchester United’s football operations as part of the deal to purchase 25%, which could be the first step in a phased takeover.
The billionaire initially wanted to buy all of the Glazers’ 67% shareholding, but his bids were initially declined, them stalled, with the Glazers feeling increasingly reluctant to sell.
Sheikh Jassim tried to bridge the gap between reality and lunacy on valuation. He is understood to have raised his offer in June, however, it was not satisfactory for the Glazers despite being far more than the club’s $3.3bn valuation on the New York Stock Exchange.
The difference between the parties is over the valuation – which still leaves open the possibility of Sheikh Jassim being enticed back into the protracted process – as protests against the Glazers continue.
Anger against the ownership has grown as United have started the season by losing four of their opening eight Premier League games to sit 10th in the table. Erik ten Hag’s side have also lost both Champions League group games so far in the 2023-24 campaign.
Sheikh Jassim’s offer would have made United the most expensive sports team in history by at least £200m.
The Manchester United Supporters hav urged the Glazer family to “make their position clear”.
“We hope this news accelerates that process rather than delays it,” a spokesperson said following Sheikh Jassim’s withdrawal. “Based on the last 11 months, no-one can be quite sure.”
United are in need of investment to upgrade Old Trafford and win the Premier League for the first time since a record 20th league title in 2013.
The Red Devils did win their first trophy in six years by beating Newcastle United in the Carabao Cup final back in February, but do not look like they could capitalize on their edgy carabao cup win last season.
