In a significant development, Sir Jim Ratcliffe, the petrochemicals billionaire and a lifelong Manchester United fan, is set to acquire a 25% stake in the club. This comes after the withdrawal of Qatari Sheikh Jassim bin Hamad al-Thani from the takeover battle.
The deal, which is expected to be ratified at a board meeting in the coming week, is seen as the first step towards a gradual takeover.
Ratcliffe, the INEOS supremo, had initially lodged a bid for a majority stake in the club. However, with no breakthrough in sight, an adjusted offer for a quarter – believed to be between £1.4 and £1.5bn – has been accepted. Although this figure falls short of the £6bn valuation that the Glazers were initially seeking, it has proved sufficient to secure a deal.
Sheikh Jassim's withdrawal: A dream deferred
Sheikh Jassim's withdrawal from the takeover bid has been met with disappointment. Those close to the Sheikh said he believed that he would have been a 'dream owner' for the club. However, he refused to pay over the odds, considering the asking price 'simply unrealistic'.
Sheikh Jassim had also earmarked funds for improving the infrastructure at United, with more than £1bn needed to modernise Old Trafford and the Carrington training complex. The group was ready to inject substantial funds for transfers in an attempt to restore United to the pinnacle of domestic and European football.
Fan reaction and future implications
The withdrawal of Sheikh Jassim has angered large sections of United’s fanbase. Despite questions over the source of funding and Qatar’s human rights record, many fans saw Sheikh Jassim as the only way their club could compete with rivals Manchester City and Newcastle United, given the scale of the Abu Dhabi and Saudi Arabian investment in each.
The Glazers, who carried out a leveraged buyout in 2005 and have plunged United into debt, have been the target of numerous protests by United’s supporters. The most recent took place outside the Old Trafford ticket office ahead of the last home match against Brentford. This news may well add fuel to the flames, with many having previously demanded a full sale only and the exit of the Americans.
The acquisition of a 25% stake by Sir Jim Ratcliffe is a significant development in the ongoing saga of Manchester United's ownership. While it keeps the Glazers in control for now, it is seen as the first step towards a gradual takeover.
The deal also marks the end of Sheikh Jassim's bid, which had promised substantial investment in the club's infrastructure and player transfers. The reaction of the fans and the future of the club under this new arrangement remains to be seen.
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