The group led by Sheikh Jassim bin Hamad Al Thani have pledged an additional $1bn (£800million) to invest in Manchester United ’s infrastructure – a separate sum from their takeover bid.
Friday night saw the third and final deadline for bids with a group led by Qatari banker Sheikh Jassim taking on a bid from INEOS, ran by Britain’s richest man, Sir Jim Ratcliffe.
Several US investment companies – Elliott Management, the Carlyle Group and Ares Management – are proposing minority investment into the club, which would see the Glazers remain in position at the head of United but with extra spending power available.
It has been reported that Sheikh Jassim’s final offer for the club was £5bn, however an additional pledge to the club has now come to light. As reported by City AM, the additional £800m is a ring-fenced pledge that would focus on improving the club’s infrastructure, notably the training facilities and Old Trafford stadium.
Ratcliffe is believed to have lodged a higher offer than the Qatari-based group, although the breakdown of the nature of the deal is different. Sheikh Jassim’s bid is with a view to a full takeover of the club, while Ratcliffe’s offers greater flexibility – he would assume control of the club but one option would allow the Glazers to remain on the board.
The Glazer family have continually pushed back their deadline to complete a sale of the club with the ownership situation at Old Trafford still unclear, despite their intentions of listening to offers – both majority and minority investments – coming over five months ago.
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Last week it emerged that Ratcliffe had tabled a fresh proposal that would enable Avram and Joel Glazer to retain a small stake in the club. Sheikh Jassim remains intent on acquiring 100 per cent of the club rather than a minority stake – as the differences between the two bids became clearer.
However, the stance from Ratcliffe is likely to risk his reputation among United’s fanbase. The Glazers are deeply unpopular among supporters after their leveraged buyout in 2005 saddled the club with enormous debts, while on the field the Red Devils having gone a decade without winning the Premier League title. United fans want the Glazers to relinquish the club in its entirety.
At least two of the six Glazer siblings – Joel and Avram – are understood to prefer an option which would see an outside investor buy a stake in the club to help finance huge capital projects like the redevelopment of the Old Trafford stadium and Carrington training ground.
Under Ratcliffe’s proposals, Joel and Avram would retain a minority stake in the club but would no longer be responsible for major club decisions and would take a backseat at Old Trafford as Ratcliffe’s INEOS group assumed major control.
