Sir Jim Ratcliffe has reportedly flown to New York to hold face-to-face talks with Manchester United representatives over the past month in an effort to win the race with Sheikh Jassim.
After seven months the United takeover saga has entered what it hoped to be the final phase, with the Glazer family close to deciding between INEOS chief Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani. Qatari reports earlier in the week suggested Sheikh Jassim had been successful with his bid for 100 per cent of the club, only for the claims to be rowed back from.
Excitement peaked again on Thursday when a company called 'Nine Two Holdings Limited' was registered with Companies House in Sheikh Jassim’s name. The speculation caused a major spike in the share price of Manchester United on the New York Stock Exchange, with trading temporarily suspended amid claims the Qatari group were in talks over gaining exclusivity.
It has since emerged that both parties are still in the running, with the Glazers and Raine Group – the US merchant banker in charge of the prolonged process – still pondering the bids. It is understood that, when a decision is finally forthcoming, a long period of exclusive talks won’t be necessary because all parties have completed their due diligence.
Despite the increasing noise surrounding the process, Ratcliffe and his INEOS group are still quietly confident of succeeding. And The Telegraph reports that Ratcliffe is ‘known to have flown to New York for talks within the past month’ in an effort to try and increase his chances.
His presence at such talks comes in stark contrast to Sheikh Jassim, who sent representatives to Manchester to meet executives, tour facilities and conduct due diligence earlier in the year rather than attend himself.
With 206 days having passed since the Glazers announced their intentions to “explore strategic alternatives” for United on November 22, patience is beginning to wear thin for many of the parties involved. That was evident last week when Sheikh Jassim declared he would not participate in the process beyond his fifth and final offer.
The two main offers on the table are vastly different in their nature. Ratcliffe, who already owns French side Nice and is heavily involved with the Mercedes Formula One team, is bidding to buy just over half of United’s B shares in a deal which would allow Avram and Joel Glazer to stay involved.
Sheikh Jassim, meanwhile, wants to buy all of the club’s shares in a complete takeover which would spell the end of the Glazers’ involvement. The American family has been an unpopular presence in Manchester almost ever since completely a debt-leveraged takeover in 2005.
The Glazers are clearly not in any rush to push forward the process, despite the uncertainty surrounding the situation potentially having knock-on effects for the club. Manager Erik ten Hag admitted recently he was in the dark over the club’s budget for the summer transfer window, which opened on Wednesday.
