Breaking News: Man Utd's Exciting Deal with Sir Jim Ratcliffe Nearing Completion as Board Prepares for Thursday Meeting
Sir Jim Ratcliffe set to acquire 25% stake in Man Utd for £13bn, granting INEOS control over the club's footballing operations As the deal nears its endgame, Ratcliffe's potential full control of Man Utd comes into focus
Sir Jim Ratcliffe's anticipated purchase of a 25% minority stake in Manchester United for £1.3bn, granting his company INEOS control over the footballing operations, is expected to face rejection at the board meeting scheduled for Thursday.
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"We News chief reporter Kaveh Solhekol stated that the deal is quite complex, which is likely causing the delay. As we near the concluding stages, it seems probable that Sir Jim Ratcliffe will initially acquire a minority stake in United," Solhekol reported. Additionally, Bloomberg reported that INEOS will hold a credit update call on Monday at 3pm, further suggesting that Ratcliffe's deal for United is progressing. However, INEOS has chosen not to comment on this matter.
Thursday's Manchester United board meeting is a routine occurrence, not scheduled specifically to address this deal. These meetings typically have a virtual component since the Glazer family resides in the United States. Additionally, the strategic review that initiated the prolonged takeover race between Ratcliffe and Sheikh Jassim last November is unlikely to reach a resolution at this meeting.
Sheikh Jassim's Qatari bid, which had initially announced intentions to acquire Manchester United eight months ago, withdrew from the process last weekend. It is believed that their offer was the sole offer seeking complete ownership of the club.
Initially, Ratcliffe had expressed interest in purchasing the Glazers' 69% share, but he has now decided to allow the American family to retain their majority stake in anticipation of a possible eventual complete takeover.
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According to our chief reporter Kaveh Solhekol, tomorrow's board meeting is a regular one that has been scheduled for quite some time. It seems that this meeting was not specifically arranged to discuss or approve any particular deal. Therefore, it appears unlikely that there will be any announcement tomorrow regarding Sir Jim Ratcliffe's potential acquisition of a 25 percent stake in Manchester United.Ratcliffe's attempt to strike a deal with the Glazer family is highly intricate due to his intention of purchasing a minority stake initially. Considering that the Glazer family already possess 69 percent of the club, one must also take into account the remaining 31 percent of shares which are traded on the New York Stock Exchange.
A deal needs to be made for both the B shares currently held by the Glazers and the A shares listed on the New York Stock Exchange. Additionally, an agreement must be reached regarding Ratcliffe's acquisition of the remaining shares and his ownership of the entire club, if he desires it. Furthermore, there must be an agreement outlining Ratcliffe's control over the football side of the operation, even though he only holds a 25 percent ownership stake in the club.
