Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani are both still vying to buy Man United, as the takeover battle between INEOS and the Qatari banker goes on.
It’s been nearly an entire year since the Glazers announced that Manchester United would be ‘exploring strategic alternatives, including a sale. However, there’s been no change at the top. Multiple bids from Sir Jim Ratcliffe’s INEOS and Sheikh Jassim bin Hamad Al Thani have been submitted, only to fall below the Glazers’ asking price.
First it was reported to be £6billion.But now it’s claimed to be closer to £10bn, despite stagnation at the club. The latter seems an insurmountable sum for those with serious interest, yet sources insist that the process of finding new investment remains ongoing.
After entering the 12th month of United’s sale, it was widely reported that Ratcliffe was in the process of restructuring his takeover bid.
Ratcliffe had proposed a £5bn deal to the Glazers which would see brothers Avram and Joel – the two family figureheads when it comes to running the show at Old Trafford – retain a minority stake in the club for three years before INEOS would fully take over in what would be known as a put-and-call agreement.
After all, the American family only own 69 percent of United and that’s what Ratcliffe is hoping to seize. But the Glazers’ shares are worth more in voting rights than any others. This means that they could still have an element of power even with Ratcliffe at the helm.
INEOS are pressing on, though, their 70-year-old head honcho remains keen to win the race, despite facing stiff competition from Qatar.
Things are simple when it comes to Sheikh Jassim’s bid: 100 per cent or nothing. It’s long been understood that the Qatari banker is only willing to secure full control of United, who – like Ratcliffe – he’s claimed to have supported all of his life.
After setting up the Nine Two Foundation ahead of his entourage visiting Old Trafford back in March, there was a period during which Sheikh Jassim looked as if he’d blow his rival bidder out of the water with what he promised to be a debt-free proposal. He placed a fifth and final offer on the table in June, yet it still seems to be sitting there.
There was promising news two months later when it was claimed that Sheikh Jassim would complete a full takeover by the middle of October. His £6bn bid was alleged to have convinced the Glazers, yet there was radio silence throughout September, only adding to the air of skepticism surrounding the Middle Eastern approach.
Now to those who do have the power at Old Trafford, The Glazers. As mentioned, figures ranging from £6bn to £10bn have been banded around in relation to the Glazer family’s asking price. Yet the reports don’t seem to have deterred Ratcliffe or Sheikh Jassim in any case.
What will concern the pair of bidders, though, is the looming prospect of the Americans electing for minority investment and shelving plans for a full sale. Numerous US investment companies have reportedly been proposing investment plans.
That would allow the Glazers to remain in charge and make use of additional funds from elsewhere. Instead, the incoming cash will be used to pay off bank debt accrued during the pandemic and cover capital expenses. United supporters have suggested that the Glazers could follow suit and welcome a new investor who could finance Old Trafford’s much-needed renovation and fix-up their Carrington training base.
Fans, former players and even sympathetic neutral supporters are fearful of the Glazers going down that route, with backlash guaranteed should they stay on. It’s understood that the six Glazers siblings – Avram, Joel, Bryan, Darcie, Edward and Kevin – have all been made well aware of what choosing to remain in power at Old Trafford could mean, having already faced fan fury throughout their 18 years as some of world football’s most unpopular owners – albeit rarely in person.
More protests, more anger, more division – but the sale saga goes on.