Man United FC

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.

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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.

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