Sir Jim Ratcliffe set to buy 25% of Man Utd with Glazers remaining in charge

14 Oct 2023 20:30 BST
3 min read

Sir Jim Ratcliffe is bidding to by Manchester United — © ProShots

Sir Jim Ratcliffe is set to complete a deal to buy 25% of Manchester United as the first step towards a gradual takeover, with the Glazers remaining in control in the process.

The INEOS CEO, who is Britain’s richest man, has been in talks to purchase United ever since the Glazers formally began the process nearly a year ago and had initially been seeking a total purchase of the club.

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However, with a significant difference in valuation between seller and buyer, Ratcliffe made an adjusted offer for a quarter of the club, believed to be worth between £1.4 and £1.5 billion according to the Daily Mail.

DEVELOPMENTS: Qatari bid fails as Sheikh Jassim withdraws from Man Utd takeover process

Although Ratcliffe’s offer does not meet the Glazer’s valuation of €6bn, the investment has ultimately proven enough to get a deal done following a turbulent and arduous process.

The news comes after Sheikh Jassim, the only other front runner for a purchase, withdrew from the process following a rejection of his Qatari-based bid by the Glazer family for a complete takeover.

The withdrawal leaves Ratcliffe in pole position to seal a deal with the Glazers, with a meeting of United’s board members to be held next week in order to ratify the proposal.

Glazers’ ‘simply unrealistic’ demands led to Qatar withdrawal

Ratcliffe’s investment will finally bring a resolution to the saga which the club expected to be resolved by the end of last season, having announced the Glazer’s intention to seek external investment or a total sale in November 2022.

The announcement of Sheikh Jassim’s failed bid came shortly before the outcome of Ratcliffe’s offer, which led to some reports that the Qatari businessman pulled out after learning that his rival was the preferred option.

Sir Jim Ratcliffe's valuation of #MUFC is just over $1bn more than Sheikh Jassim. This is to be expected with Ratcliffe looking for smaller stake to begin with. Jassim valued the club at almost $6.5bn. Ratcliffe's club valuation is $7.5bn. pic.twitter.com/TWyeF1RaMr
— Ben Jacobs (@JacobsBen) October 14, 2023

Sheikh Jassim had reportedly submitted an offer ‘more than double the $3.2bn market value’ which was believed to be in all cash and would have left United debt free, while also providing an extra $1.7bn in investment into the club.

Q&A: Man Utd CEO Richard Arnold speaks out on takeover

However, the proposal was rejected by the Glazers, prompting Sheikh Jassim to back out of talks after deeming the desired valuation as ‘simply unrealistic’.