Man Utd to vote on selling minority stake to Sir Jim Ratcliffe as Qataris ‘pull out’

Manchester United’s board is considering selling a minority stake in the club to British billionaire Sir Jim Ratcliffe after Sheikh Jassim’s Qatari group claimed to have withdrawn from the race. The battle to buy the Premier League club from the Glazer family has been ongoing for 11 months and has involved two main contenders, Sheikh Jassim’s Nine Two Foundation and Ratcliffe’s INEOS petrochemical empire. The bidding parties did not meet the Glazers’ asking price of $8 billion (£6.4 billion), with both valuing the club closer to $6.3 billion.

However, Sheikh Jassim’s bid took a surprising turn when they announced on Saturday that they were withdrawing from the process. Now, sources close to INEOS and Manchester United believe that a deal with Ratcliffe for a 25% stake is in the works. A vote on the proposed deal is expected to take place in the coming days.

If the deal with Ratcliffe goes through, he would gain sporting control of Manchester United but fans would not see a clean break from the Glazer family. The article provides an overview of the latest developments and what they mean for the future of the club.

The process of selling Manchester United has been ongoing since November 2022, when the Glazer family announced a review of ownership and investment options. The Raine Group was tasked with conducting a similar review. Sheikh Jassim’s representatives visited Old Trafford in March, followed by Ratcliffe the next day. Other potential investors also expressed interest, including US hedge fund Elliott and American organizations Ares, Carlyle, and Sixth Street.

After several deadlines were set for bids to be submitted, Sheikh Jassim and Ratcliffe both made revised offers. Ratcliffe’s initial proposal included gaining a majority stake of slightly over 50% while keeping the Glazers as minority shareholders. However, shareholders of United’s Class A shares threatened legal action, leading Ratcliffe to revise his offer to a smaller 25% share.

The latest twist came when Sheikh Jassim held further talks with the Glazers and increased his bid. However, it is now believed that Ratcliffe’s offer is more appealing due to the higher fee per share. The Glazers, who have owned the club for 20 years, have the final say in the decision to sell.

The article concludes by discussing the role of the board members and the potential impact on the hierarchy if Ratcliffe acquires a stake in the club.