Sir Jim Ratcliffe is on the brink of being successful with his strategy of buying Manchester United with a deal likely to be clinched this month.
INEOS chief Ratcliffe is one of the two frontrunners to buy Manchester United along with Qatari businessman Sheikh Jassim bin Hamad al-Thani.
The pair recently submitted their third and final bids, with Sheikh Jassim proposing a complete buyout and Ratcliffe making an offer to take a controlling interest in the club and allow Joel and Avram Glazer to temporarily retain a 20% stake in United.
However, Ratcliffe’s offer includes a clause to see the family leave the club entirely on a phased basis. Indeed, reports this week outlined how all six Glazers will temporarily stay at the club under Ratcliffe’s plans, but will have no control and will contractually be obliged to leave in the coming years.
This week, Sheikh Jassim tabled an improved fifth bid for United but has made it clear it must be accepted by Friday - or he is out. Despite this move, it is still valued below that of Ratcliffe’s and does not meet the Glazers valuation of the club, meaning an end to the process is firmly in sight.
The length of the takeover process, which is close to entering its seventh month, has proved a source of frustration for fans, the manager and observers alike. However, the delay has also benefitted Ratcliffe.
The Glazers had initially been keen for a speedy sale to be completed in the first quarter of the year. Ratcliffe had preferred to hold off on a bid until later in the year – when the club's place in next season's Champions League would be secured, which is now the case. That has increased its valuation after his bid was confirmed.
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At least two of the six Glazer siblings – Joel and Avram – are understood to have preferred an option which would see an outside investor buy a stake in the club to help finance huge capital projects like the redevelopment of the Old Trafford stadium and Carrington training ground. However, a change of ownership is now the likely outcome.
Several US investment companies – Elliott Management, the Carlyle Group and Ares Management – are proposing minority investment into the club, which would see the Glazers remain in position at the head of United but with extra spending power available. Yet that is now viewed as unlikely.
Bryan, Darcie, Edward and Kevin also remain at the club and are believed to be the siblings pushing for a permanent exit, with Joel and Avram retaining more of an attachment to United. This lack of consensus between the family is said to have delayed the deal.
The Glazers are deeply unpopular among supporters after their leveraged buyout in 2005 saddled the club with enormous debts, while on the field the Red Devils having gone a decade without winning the Premier League title. United fans want the Glazers to relinquish the club in its entirety.
