British billionaire Jim Ratcliffe will pay £1.3bn for 25 per cent of Manchester United after Qatari businessman Sheikh Jassim bin Hamad al Thani withdrew from the bidding process.
It was reported by Fabrizio Romano earlier on Saturday, 14 October, that Sheikh Jassim’s offer, which valued United at more than £5bn, believed to be the only bid for 100 per cent of the club, was rejected by the Glazers family.
However, it is understood that the Qatari’s valuation was insufficient for the Glazers, who have owned United since 2005.
The other proposal is to buy around 25 per cent of the club by Ratcliffe, who has said he has been a fan of the club since childhood, with the deal needing to be agreed at a United board meeting this week.
Read also Man United takeover: Ratcliffe to rival Sheikh Jassim in revised offer
Ratcliffe and his company INEOS are expected to run Manchester United’s football operations as part of the deal to purchase 25 per cent, which could be the first step in a phased takeover.
The petrochemicals billionaire initially wanted to buy all of the Glazers’ 67 per cent shareholding.
Sheikh Jassim is understood to have raised his offer in June, but it was not satisfactory for the Glazers despite being far more than the club’s $3.3bn valuation on the New York Stock Exchange.
The difference between the parties is over the valuation – which still leaves the possibility of Sheikh Jassim being enticed back into the protracted process – as protests against the Glazers continue.
Anger against the ownership has simmered and grown as United have started the season by losing four of their opening eight Premier League games to sit 10th.
Erik ten Hag’s side have also lost both Champions League group games in the 2023-24 campaign.
Timeline of Man Utd takeover process
November 22, 2022: The Glazers confirm they are open to a sale but say other options “including new investment” will be considered.
February 17, 2023: Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al Thani make rival bids for Man Utd takeover. Qatari wants to buy 100 per cent of the club.
February 18, 2023: US hedge fund Elliott Management lodge proposal for investment in Man Utd.
February 28, 2023: Glazers split on sale after bids fail to meet £6bn valuation.
March 5, 2023: Sheikh Jassim and Ratcliffe make it through to next stage of the process along with unnamed bidder.
March 10, 2023: Elliott Management make it through to the second stage of the Man Utd sale process.
March 16 & 17, 2023: Qatari group and Sir Jim Ratcliffe meet Raine Group at Old Trafford before being given access to detailed financial information. Sheikh Jassim stays away.
March 22, 2023: Raine extend deadline for second bids after requests from Sheikh Jassim and Ratcliffe. Elliott Management did make minority stake offer before the soft deadline.
March 23, 2023: Ratcliffe makes his second bid.
March 24, 2023: Sheikh Jassim makes his second bid.
April 11, 2023: The Glazers take the sale process to a third round, with interested parties asked to submit final offers by end of April.
April 28, 2023: Sheikh Jassim makes a world-record bid. Ratcliffe also makes his offer before the deadline.
May 16, 2023: Sheikh Jassim goes in with a fourth bid close to £5bn. INEOS proposal values Man Utd at a higher price but is not for the whole club and would give Glazers a chance to keep 20 per cent stake.
June 7, 2023: Sheikh Jassim submits a fifth improved bid.
October 14, 2023: Sheikh Jassim withdraws from the process.
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