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May 17th , 2024

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JIM RATCLIFFE'S INEOS GROUP ARE CLOSING IN ON A SUCCESSFUL TAKEOVER AT MAN UNITED

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Sports

A year ago

The acquisition of Manchester United is almost over, and Sir Jim Ratcliffe is still in charge.


It is improbable that anyone will be chosen as the winner of the competition for the Premier League giants this weekend.


However, as the process draws to a close, individuals familiar with the situation say that British-born billionaire Ratcliffe's Ineos Group has maintained a lead over the principal opposition proposal from Qatari Sheikh Jassim Bin Hamad Al Thani.


It is unknown if Sheikh Jassim's team would make one more effort to completely dominate the competition. It is understood that the Qatari side is still very much in the game and has not given up. The conversation is still going on. It looks that there is still opportunity for manoeuvring even though the deadline for final bids has past.


Last month, Mail Sport reported that Ratcliffe had outbid Sheikh Jassim when final bids were submitted because he valued United higher. One of his suggestions was for Joel and Avram Glazer to first stay with the club before making a profit later on.

The American couple, who are the two members of the extremely unpopular owning family and who are eager to stay and further increase their interest in United, are said to find it appealing.

Although it would not be well received by supporters, the Glazers' eventual decision to leave might be enough to win over some supporters of Manchester United. Only Ratcliffe put United's value at over £5 billion.

It is now believed that Raine Group, the merchant bankers in New York in charge of managing the sale, is nearing completion of an agreement with a preferred bidder. Although the issue has not developed as swiftly as desired, a resolution is in reach.


Although no options have been ruled out, this weekend may very well be crucial. A decision is not expected to be made until next week.

If Ratcliffe is successful, he would own around 50% of United, while the two Glazers would hold about 25%. The petrochemicals tycoon from Oldham would have to spend almost £2.5 billion.

Additionally, it would enable him to reinvest money that might have been utilised to increase spending on infrastructure and team building.




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