The Manchester United sale process, which has spanned 11 months, appears to be reaching its conclusion. On Saturday, Qatari Sheikh Jassim bin Hamad Al Thani withdrew his offer for the club, paving the way for British billionaire Jim Ratcliffe to potentially have his bid for a minority stake accepted.
Prior to this turn of events, Sheikh Jassim was prepared to pay a minimum of £5 billion ($6.05 billion) to acquire 100% ownership of the club. On the other hand, Ratcliffe is expected to invest over $1.5 billion for a stake of up to 25%. Reports suggest that if the deal goes through, the current owners, the Glazer family, will retain control of Manchester United. However, Ratcliffe could assume responsibility for the sporting side of the club and may eventually become the majority shareholder.
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The United board is expected to vote on Ratcliffe’s offer as early as this week.
The Raine Group, the bank leading the sale process, has yet to comment, and Manchester United has declined to make a statement. Italian soccer journalist Fabrizio Romano was the first to report Sheikh Jassim’s withdrawal of his bid.
In November, Manchester United announced that it was exploring “all strategic alternatives” such as new investments, a sale, or other transactions. This led to Ratcliffe and Sheikh Jassim emerging as the two main contenders for ownership of the world’s most valuable soccer team, valued by Sportico at $5.95 billion, surpassing Real Madrid by 14%.
The strategic review was primarily initiated due to the significant investment required to renovate or replace Manchester United’s Old Trafford stadium, as well as the need to continue investing in players. Furthermore, multiple insiders have revealed that the six Glazer siblings who control the club have not always agreed on its future direction.
Ratcliffe, with a net worth of $16.8 billion according to Bloomberg, is the wealthiest person in the UK. He amassed his fortune as the founder of chemical giant INEOS, where he still serves as chairman and largest shareholder.
In addition to his potential acquisition of Manchester United, Ratcliffe already owns two soccer clubs: Lausanne–Sport in Switzerland and Nice in France’s Ligue 1. He also owns INEOS-branded teams in sailing and cycling, as well as a one-third stake in the Mercedes Formula 1 team. Sportico values the latter at $2.7 billion, making it the second most valuable Formula 1 team after Ferrari.
Manchester United’s recent performance has been lackluster, with the team losing three of its last five Premier League matches and currently languishing in 10th place in the standings. The club has also suffered defeats in its first two games of the UEFA Champions League group stage.
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Michael Johnson is your soccer guru, providing extensive coverage of soccer. With a global perspective, he delivers match reports, player interviews, and insights into the beautiful game, ensuring readers stay connected to the world of soccer.
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