Sir Jim Ratcliffe hopes to take a major step towards buying a stake in Manchester United this week after a dramatic weekend that saw Qatari banker Sheikh Jassim bin Hamad al-Thani withdraw from the protracted process.
And when Ratcliffe’s investment is ratified – which could even happen “in the coming days” according to sources close to the process – his INEOS group will assume control of football operations in a dramatic changing of the guard at Old Trafford.
i understands a board meeting will take place this week at which the Glazer family could vote on Ratcliffe’s proposal to buy a 25 per cent stake in United for around £1.3bn – valuing the club higher than the aborted Qatari bid, which was for a full takeover.
With final details still needing to be ironed out there remains no guarantees around Ratcliffe’s INEOS proposal and the Glazers’ intentions remain a closely guarded secret. But sources confirmed an agreement is now close between the two parties, who have enjoyed a cordial relationship throughout the nine-month process.
It’s understood from sources close to the process that the Glazers would be minded to recommend Ratcliffe’s bid, ushering in a new era of sorts at Old Trafford ‘within weeks’.
While the idea of the Glazers remaining at the club has sparked outrage from many supporters – with the Manchester United Supporters Trust (MUST) once again calling for a full sale in response to the Qatari withdrawal – i understands Ratcliffe’s INEOS bid comes with assurances that the new part owner has control over the club’s sporting direction, effectively giving Ratcliffe keys to the castle and the ability to make major changes in how United is run.
“Sir Jim Ratcliffe is not going to make a significant investment in Manchester United simply to get a place on the board and a nice comfy chair on matchdays,” a source close to the INEOS camp told i.
Details are sketchy about what exactly the structure of his proposal are and what guarantees have been offered. A spokesman for the INEOS camp declined to comment to i on the weekend developments. Given United are a FTSE 100-listed company, confidentiality will need to be observed until any investment has been announced through the stock exchange but Ratcliffe plans to communicate to supporters “as soon as possible”.
He will need to be given answers to the number of unanswered questions that swirl around his proposal.
i has been told significant changes and investment in infrastructure are expected if the deal is ratified although Erik ten Hag’s position is thought to be secure.
A role for Sir Dave Brailsford, who is the sporting director of Ratcliffe’s other club Nice and an influential voice in INEOS, could also be created. He was part of a delegation that met with United and representatives from Raine earlier in the year when bids were being formulated and is close to the petrochemicals billionaire.
The path has been cleared for Ratcliffe after Sheikh Jassim’s team withdrew their bid at the back end of the week following days of detailed negotiations with the Glazer family’s representatives.
A source close to the Qatari bid said they had become exasperated with the “fanciful” valuation of the Glazers, who are understood to want close to £6bn for full control.
Their final bid was around £5.2bn – which the Qatari’s advisors point out is double the market value of the club’s shares – but they could not force a breakthrough and a decision was taken to withdraw from the process before the weekend.
News of the withdrawal broke on Saturday night as it became clear Sheikh Jassim’s team had grown frustrated with the Glazers’ stance.
Sheikh Jassim’s bid would have cleared the club’s debt and came with a £1.4bn of pledged investment in the team, infrastructure, women’s team and community around Old Trafford.
A source said he believed he would have been the “dream owner” of the club but the reality is Ratcliffe is now poised to take a significant stake in the world’s most famous football club.