Manchester United, one of the world’s most iconic football clubs, has been at the center of a high-stakes takeover battle. Sir Jim Ratcliffe’s Ineos group has expressed its intention to assume control of the football operations side of Manchester United’s business from the Glazer family, should a 25% offer worth an estimated £1.3bn be approved. This move by the British billionaire is seen as the initial phase of a potential full takeover.
On the other side of the bidding war, Qatari banker Sheikh Jassim bin Hamad Al Thani, who was once a strong contender, has reportedly withdrawn from the process. Sources indicate that Sheikh Jassim’s 100% offer did not meet the Glazers’ valuation, leading to his growing frustration with their demands. Both Ineos and Sheikh Jassim’s group had previously tabled bids in the ballpark of £5bn.
The dynamics of the takeover process took a turn when Sheikh Jassim made comments about returning Manchester United to its “former glories” before the Glazers’ ownership. Such remarks were not well-received by the Glazers, causing a rift in the relationship. The US merchant bank Raine, overseeing the potential takeover, had advised bidders to maintain discretion during the process. Sheikh Jassim’s comments were perceived as a direct challenge to this advice and reportedly ignited the Glazers’ displeasure.
In contrast, Ratcliffe’s approach was more strategic. He and his team made several trips to New York, engaging in discussions and negotiations. They eventually restructured their deal, proposing a 25% stake at an acceptable figure. As Ratcliffe’s chances of success became clearer, Sheikh Jassim decided to withdraw from the bidding process.
The Manchester United Supporters Trust has voiced its concerns, emphasizing the need for clarity and an end to the ongoing process. They stress that any outcome should prioritize new investments into the club and not just cater to the interests of shareholders.
The Glazer family, who acquired Manchester United in 2005 for £790m, had announced in November 2022 that they were contemplating a sale. This announcement was met with various reactions from fans, some of whom have held demonstrations against the Glazer family both inside and outside Old Trafford.
As the takeover saga unfolds, fans and stakeholders alike await the outcome, hoping for a positive future for the club.
