In a major development at Manchester United, Sir Jim Ratcliffe is set to acquire a 25% stake in the club and is eager to have a say in its sporting affairs as soon as the deal is finalized.
Ratcliffe, the 70-year-old founder and CEO of INEOS, has emerged as the leading bidder, outlasting rival Sheikh Jassim bin Hamad Al Thani. The Qatari businessman had initially aimed to take complete ownership of United with a whopping offer reported to be in the ballpark of $6 billion (£4.9bn).
However, as per the latest update, Sheikh Jassim has withdrawn from the bidding process after his final proposal was turned down by the Glazer family.
With this development, Ratcliffe stands alone in the race to buy into the esteemed football club. As sources suggest, his bid is anticipated to receive the green light in an upcoming board meeting at United. Interestingly, Sir Jim’s vision goes beyond just this initial investment.
The Telegraph has highlighted that Ratcliffe’s decision to purchase a quarter stake in the club stems from a provision allowing him control over the club’s sporting decisions. Additionally, the deal is structured to possibly facilitate a full takeover of Manchester United in the future, justifying the significant £1.35 billion valuation for a 25% share.
Furthermore, after acquiring his stake, Ratcliffe reportedly intends to bring on board the renowned director of football, Paul Mitchell. As for the managerial position, despite the current challenges on the field, Erik ten Hag is not facing an immediate ouster. However, some organizational restructuring might be on the cards for positions senior to him.