Sir Jim Ratcliffe’s Ineos company is growing less confident of their takeover bid for Manchester United with Sheikh Jassim’s bid now appearing to be in pole position to buy the club from the Glazers.
In a hugely protracted process that has taken over seven months, the Glazer family are finally on the same page regarding the club’s sale. There had been concerns that the family were at odds with each other over the process of selling the club as all six siblings still profit from their shares.
Ratcliffe, Britain’s richest man, had previously been tipped as favourite with his strategy of buying United but his hopes of a deal now may be fading. The INEOS chief’s offer would see him take a controlling interest in the club and allow current owners Joel and Avram Glazer to temporarily retain a 20 per cent stake in United.
INEOS, who also owns Ligue 1 club Nice, is now said to be growing pessimistic over a deal by local media outlet Nice-Matin, as cited by GFFN. Dave Brailsford, INEOS’ Sporting Director, is leading the bid – but the uncertainty over its success is also said to be impacting Nice’s summer transfer business.
Ratcliffe’s bid is being rivalled by Qatari banker Sheikh Jassim bin Hamad al-Thani with each of the frontrunners recently submitting more bids. Earlier this month, he tabled an improved fifth bid for United – his proposal is for a full takeover and an immediate exit for the Glazers.
At least two of the six Glazer siblings – Joel and Avram – are understood to have preferred 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. However, a change of ownership is now the likely outcome.
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Fans, players and United’s management are all intent on the takeover process being concluded at the earliest possible date, with the summer transfer window already open and the uncertainty around the club’s ownership situation impacting their long-term planning.
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. Yet that is now viewed as unlikely.
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 have gone a decade without winning the Premier League title. United fans want the Glazers to relinquish the club in its entirety.
