It looked as if a Manchester United takeover saga could have been resolved this week, however, there has now been a frustrating update regarding a deal involving Sir Jim Ratcliffe.
Man Utd takeover news; Sir Jim Ratcliffe
The Glazers first put the Red Devils up on the market almost 12 months ago now, with Ratcliffe and Sheikh Jassim making numerous bids to take control earlier this year. However, Jassim withdrew his offer to take 100% control at Old Trafford over the weekend, with one source telling Sky Sports:
“Sheikh Jassim offered them almost double the market capitalisation. He was a cash buyer, he was going to clear all their debts, there would have been no new debt and he was going to put in another £1.4bn for the stadium and the team.
“All that still wasn't enough for the Glazers. What we're left with now, after almost a year, is someone who is going to overpay for 25 per cent of the club. They are arguably the greatest and most historic football club on the planet and after a year there's just one bidder and he can only stump up enough for 25 per cent.”
Key Man Utd takeover updates
Date
Glazers put club up for sale
November 2022
Ratcliffe and Jassim make bids
February 2023
Glazers split on a sale
February 2023
Ratcliffe and Jassim make second bids
March 2023
Ratcliffe and Jassim make third bids
April 2023
Ratcliffe and Jassim make fourth bids
May 2023
Jassim makes fifth bid
June 2023
Jassim withdraws from process
October 2023
That left Ratcliffe and INEOS in pole position to secure a 25% stake in the club, with reports claiming that Ratcliffe’s deal with Man Utd would see the Red Devils supporter pay £1.3bn for his stake and that the club’s 12 board members – including the six Glazers and CEO Richard Arnold – may approve the proposal at a pre-planned meeting on Thursday.
However, in a new Man Utd takeover update from The Telegraph’s Tom Morgan and James Ducker, that will no longer be the case. They have heard from a well-placed insider aware of discussions on both sides that there will now be “no decision this week” in a frustrating twist.
How much of Man Utd do the Glazers own?
As we know, the Glazers have been majority owners at Old Trafford since 2005 and currently own 69% of the club. However, they have 96% of the voting rights due to a complex share structure at Old Trafford.
If Ratcliffe’s 25% deal eventually goes through, though, that could soon change in what may well be the first part of a phased takeover over a period of time. It appears as if Ratcliffe would also look to take immediate control over sporting decisions in Manchester, but by the looks of things, everyone involved will have to wait a little longer, with a vote today not looking likely.