Sir Jim Ratcliffe is set to take a huge lead in the race to buy Manchester United, with the INEOS chief to be named the preferred bidder imminently.
United’s much maligned owners, the Glazer family, set the wheels in motion for investment last year, announcing they would look for “strategic alternatives” including a full takeover. That kickstarted a long and laborious process which has already seen three rounds of offers being made.
The American ownership group are hoping for a world record £6 billion for the Premier League giants and enlisted the help of US merchant Raine Group to oversee the transaction. Ratcliffe, once Britain’s richest man, has been in the running for the entire process, along with Qatari banker Sheikh Jassim bin Hamad al-Thani.
Sheikh Jassim is adamant that he wants to acquire 100 per cent of the club and will make his bid completely debt free. “The bid plans to return the club to its former glories both on and off the pitch and - above all - will seek to place the fans at the heart of Manchester United Football Club once more,” a statement released in February reads.
"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience, and communities the club supports.”
The Sun reports that while the Qatari bid is bigger than Ratcliffe’s, the latter - at just 50 per cent - is closer to their massive valuation. The Qatari bid has also met objections with Joel and Avram Glazer unwilling to relinquish total control. They would rather stay in some capacity - despite facing a huge backlash from fans - with Ratcliffe said to be open to making a compromise.
It is believed that Ratcliffe has pledged to allow the Glazers retain a 20 per cent stake in the club, while taking majority control himself. And that allowance now looks to be telling with the report adding that the boyhood United fan will be named by Raine Group as the winning bidder in a matter of days.
But while the Glazers could be kept aboard in the immediacy, chief executive Richard Arnold may be moved on. Arnold replaced Ed Woodward last year and has helped usher in a period of relative stability along with Football Director John Murtough, Technical Director Darren Fletcher and manager Erik ten Hag.
However, Ratcliffe, who already owns OGC Nice in France, will want his own man in charge as he looks to put his own stamp on the football club. Any decision to keep the Glazers in any capacity will be deeply unpopular to supporters desperate for a clean break following almost two decades of expensive mismanagement.
Earlier this month, it was suggested that Ratcliffe’s proposed buyout would include a clause that would enable him to buyout the Glazers completely in 2026. Sky News reported that if the option wasn’t triggered in three years’ time, there would be further options to do so down the line.
Along with the two parties seeking a full takeover, there are offers to acquire a minority stake from the likes of Carlyle and Elliott Management.
