Avram and Joel Glazer have been offered a “best of both worlds” deal in order to agree the sale of a controlling stake in Manchester United to Jim Ratcliffe and his Ineos group. An improved bid valuing the Premier League club at more than £5billion enables United's Executive Co-Chairmen to retain their shares post-takeover; or to sell them at a guaranteed additional premium during the first two years of a Ratcliffe/Ineos regime.
The English billionaire's latest offer targets division amongst the Glazer family over the timing of a sale. Four of the six Glazer siblings want to profit immediately from a valuation more than double the record £2.5bn paid for Chelsea last year. Arvam and Joel, however, believe that external investment can help develop United into a £10bn company and are interested in “strategic alternatives” to a full sale of the family shareholding.
Ratcliffe's revised proposal would see Ineos take over the running of the club while spending on new players, sports science and improvements to Old Trafford and the Carrington training ground. Avram and Joel would step down from their executive roles, yet retain an inside seat to assess the effectiveness of the Ineos-led overhaul. As a condition of the takeover agreement, it is understood that the pair would be granted options to sell their shares – at a premium to the current bid price – after year one and year two of Ineos' stewardship; or to retain their minority ownership indefinitely.
