The Glazer family are continuing to consider proposals from both Sheikh Jassim and Sir Jim Ratcliffe to buy Manchester United, with the latter reportedly ready to table a new offer. Little meaningful progress has been made since the Red Devils’ majority owners confirmed almost 12 months ago that they were seeking new investment in the club which could include an outright sale.
Old Trafford officials have been locked in talks with the two main bidders for months, with Qatari-based Sheikh Jassim bin Hamad Al Thani seeking a full takeover whilst British billionaire Ratcliffe favours a majority investment.
The petrochemicals magnate, who is the CEO of INEOS, had originally bid for a 69% stake in United but only for shares out of those belonging to the Glazer family. That is said to have sent alarm bells ringing for the club’s minority shareholders, who fear a conflict of interests when it comes to directors recommending a preferred bidder.
According to Bloomberg, Ratcliffe is now working to adjust his offer to directly address those concerns and could return with a fresh offer.
Neither Ratcliffe or Sheikh Jassim have met the Glazers’ reported £6 billion asking price but it is believed that after owning the club for 18 years, brothers Joel and Avram are reluctant to sever all ties with Old Trafford.
Theoretically, that could give the INEOS boss an advantage in negotiations as only with his deal can the Glazers remain involved with United, albeit in a reduced capacity. That is not an ambition shared by large swathes of the club’s core supporters, however, who blame the American businessmen for saddling the Manchester outfit with debt and contributing to relatively poor performances on the pitch over a number of years.
Nevertheless, the Bloomberg report claims that sources close to negotiations, who asked not to be identified, insist that “both proposals are still being considered by the club, as well as a potential minority stake sale”.
Whilst Ratcliffe’s offer appears complex, Sheikh Jassim’s is far more straightforward. The Qatari banker wants to acquire all of the club’s shares and is promising large investments for players and new infrastructure, helped by his group of investors.
United are currently eighth in the Premier League having lost three of their first six matches. They face Crystal Palace at Old Trafford in the Carabao Cup tonight.
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