It looks like the Manchester United takeover saga could possibly drag on into the next season, as Sheikh Jassim and Sir Jim Ratcliffe still await a concrete decision from the Glazers family. The Qatari Sheikh has a bid on the table, but it seems to be worth less than Ratcliffe’s Ineos deal.
United supporters have grown increasingly impatient as the sale process has taken months longer than expected. Ineos has offered to buy up to 69% of the Glazers’ shares, including all of the B-shares, which represent the vast majority of voting rights.
And now, Sir Jim Ratcliffe has spoken about the ongoing drama, expressing his firm desire to purchase the Red Devils.
Qatar takeover in question following resilient Ratcliff response
Sir Jim Ratcliffe insists he is still in the hunt to buy Manchester United. Ratcliffe has told the Glazers he is willing to be patient as the American family tries to resolve legal and regulatory issues over the sale, and he seems to be their favorite choice.
Sir Jim Ratcliffe has described UK energy policy as “crap”, said Britain cannot power itself in wind, and accused the British government of ignoring scientists by banning fracking, and deterring investment in North Sea oil and gas through windfall taxes.… pic.twitter.com/6xemsV8ghB
— Net Zero Watch (@NetZeroWatch) July 6, 2023
Ratcliffe said, “There is still a process, we are in the process,” adding that he could not say much more due to non-disclosure agreements,
“We have a good offer. We have met the Glazers a couple of times and had a good conversation, but at the end of the day, it’s their decision. We still very much would like to do it. I also believe we would do a good job and do it for the right reasons. We keep very focused on it.”
The club’s A-share holders on the New York Stock Exchange have been pressuring the board to accept the Qatari bid for 100% ownership. It is speculated that the Glazers family is attempting to resolve issues on the board.
Should the Glazers decide to sell, and announce their preferred bidder, the process could take more than a month to wrap up because it will require the Premier League’s and other regulators’ permissions.
Sheikh Jassim bin Hamad al-Thani’s group’s initial bid of $5 billion turned out to be lower than expected, but they have since increased their offer. Those involved in the bidding process are skeptical of the Qatari bid and its funding, despite the bid’s assurances that it would withdraw if the dispute was not resolved last month.
Takeover delay hindering Erik Ten Hag’s transfer plans with restricted funds
And this whole drama is putting pressure on the Red Devils’ manager. Erik Ten Hag is on the transfer market to sign a new goalkeeper, a midfielder, and an attacker in the summer window; however, so far, he has only been able to successfully land Mason Mount from Chelsea.
Let's get down to business, Mase 💼#MUFC
— Manchester United (@ManUtd) July 6, 2023
Because of the uncertainties over ownership, the Dutch manager has access to limited funds, while clubs continue to ask for big transfer fees. Sheikh Jassim has promised to make a huge sum available following the takeover, so the dilemma continues.
Who do you think is going to win the Manchester United takeover race? Let us know in the comments section.
