MANCHESTER: Manchester United’s board will meet on Thursday and could vote on whether to accept Sir Jim Ratcliffe’s proposal to buy a 25 percent stake in the club.
The petrochemicals billionaire and his company, Ineos, stands as the sole remaining bidder for United following Qatari banker Sheikh Jassim’s decision to end his interest in the club last week.
Initially, Ratcliffe had proposed acquiring the 69 percent of United currently owned by the six Glazer siblings before altering his bid to take a minority share and allow the American family to retain involvement.
The club’s 12 board members, which includes the six Glazers and CEO Richard Arnold, may endorse the proposal on Thursday to start to bring an end to a nearly year-long saga.
Ratcliffe’s 25 percent share is expected to cost approximately £1.3bn. In contrast, Sheikh Jassim, who aimed to acquire the entire club, found the Glazers’ demands exorbitant, seeking at least double the club’s market valuation of around $3.2bn.
Jassim made five offers for the club in pursuit of completing a takeover but has now quit the process after concluding final discussions with the current owners.
Jassim had committed to invest a further $1.7bn for a new or redeveloped stadium and training facilities, player development, community initiatives, and clearing the club’s current debt.
Ratcliffe is a devoted United supporter and previously explored acquiring Chelsea but withdrew interest when Clearlake Capital agreed a deal to take over from Roman Abramovich at Stamford Bridge last year.
