Just In – ManUtd Board Meeting Update: Sir Jim Ratcliffe twist shares frustrating takeover news they’ve heard from Man United board
In the ongoing Manchester United takeover saga, there appeared to be a glimmer of hope for resolution this week. However, an unfortunate and frustrating update has emerged regarding the deal involving Sir Jim Ratcliffe.
The Glazers, owners of Manchester United, initiated the process of selling the club almost a year ago. During this period, Ratcliffe and Sheikh Jassim had made several bids to acquire control, but this week brought a significant setback.
Sheikh Jassim decided to withdraw his offer to secure 100% control of Old Trafford. According to a source speaking to Sky Sports:
“Sheikh Jassim offered nearly double the market capitalization, he was a cash buyer, ready to clear all debts, without incurring new ones, and he was willing to inject an additional £1.4 billion into the stadium and the team. However, even this generous offer failed to sway the Glazers.
After nearly a year of negotiations, we’re left with just one bidder who is willing to overpay for a 25% stake in the arguably greatest and most historically significant football club on the planet.”
This turn of events left Ratcliffe and INEOS in the pole position to secure a 25% stake in the club. Reports suggested that Ratcliffe’s proposed deal with Manchester United involved a staggering £1.3 billion payment for his stake.
There was even anticipation that the club’s 12 board members, including the six Glazers and CEO Richard Arnold, might greenlight the proposal at a pre-planned meeting on Thursday.
However, in a fresh update on the Manchester United takeover by The Telegraph’s Tom Morgan and James Ducker, it’s now apparent that this won’t be the case.
They have received insights from a well-placed insider privy to discussions on both sides, and the disappointing news is that there will be “no decision this week.”
As of now, the Glazers maintain a majority ownership of 69% at Old Trafford, having held this position since 2005.
Their grip on the club’s destiny is even firmer, with 96% of the voting rights due to a complex share structure.
Ratcliffe’s potential acquisition of a 25% stake could be the first phase of a more extensive takeover process.
He seems eager to take immediate control over sporting decisions in Manchester.
However, it appears that everyone involved will have to exercise patience, as a swift resolution is unlikely, and a decision will have to wait.
